Black Mammoth Metals Announces Closing of Non‐Brokered Private Placement
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES.
Vancouver, B.C., July 25th, 2017 – Black Mammoth Metals Corporation (TSX‐V: BMM / Frankfurt: LQK / OTCBB: LQRCF) (“Black Mammoth” or the “Company”) is pleased to announce that it has closed subscriptions to its previously announced non‐brokered private placement, disclosed in press releases dated May 29th, 2017 and July 11, 2017 for aggregate gross proceeds of $515,000 (the “Offering”), and has now filed for TSX Venture Exchange (“TSX‐V”) final approval.
The Offering consists of the sale of 2,575,000 common shares of the Company at a price of $0.20 per Unit (the “Units”). Each Unit consists of one common share of the Company and one non‐transferrable common share purchase warrant (a “Warrant”), with each Warrant exercisable into one common share of the Company for a period of 24 months from the issue date at an exercise price of $0.30.
Certain finders were paid commissions totaling $32,400 cash and 162,000 finder warrants. Each finder warrant is exercisable into one common share of the Company for a period of 18 months from the issue date at an exercise price of $0.24. Pro group participation in the Offering totaled 75,000 units.
The Company intends on using the proceeds of the Offering for its Blanco Creek gold property (“the Property”), general working capital and potential acquisitions. All securities issued in the Offering will be subject to a fourmonth hold period expiring on November 26, 2017 in accordance with applicable Canadian securities laws. The Offering is subject to final approval of the TSX‐V.
About Black Mammoth Metals Corporation:
Black Mammoth has recently assumed a long‐term lease for a 100% interest, subject to underlying royalties, in the Blanco Creek gold property in central Idaho. The Property has road access and consists of 40 Unpatented Federal Lode Claims hosting three historic underground mines along 3550 meters (11,644 feet) of strike on the north‐east trending regional Blanco Sheer Zone. Exploration by two previous operators identified a geological target for the Blanco Creek property in the order of 1.7 to 2.48 million tons, grading 0.20 to 0.33 oz/ton Au (1.54 to 2.24 million tonnes, grading 6.85 to 11.31 g/tonne Au); see the Company’s press release dated February 14th, 2017.
Black Mammoth cautions investors to note the potential quantity and grade of the geological target are conceptual in nature. A qualified person has not done sufficient work to classify the geological target as mineral resources as defined by NI 43‐101, and it is uncertain if future exploration will result in the target being delineated as mineral resources. The Blanco Creek property lease transaction is subject to TSX‐V approval.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.
On behalf of the board,
Dustin Henderson, BBA
President, CEO and Corporate Secretary
Black Mammoth Metals Corporation
1(604) 347‐9101 ‐ Email: email@example.com