Shares of Mineral Mountain Resources Ltd. (OTCMKTS:MNRLF) (TSXV:MMV) have been moving within a range over the past few sessions. The stock has lost 10% in the past week.
Market Reaction
On Friday , MNRLF stock ended flat at $0.0842 with 13K shares, compared to its average volume of 22K shares. The stock has moved within a range of $0.0842 – 0.0842 after opening trade at $0.0842.
Mineral Mountain Announces Update On Private Placement
Mineral Mountain Resources Ltd. (OTCMKTS:MNRLF) (TSXV: MMV) has added updates regarding its plans to complete a private placement. The TSX Venture Exchange has granted an extra 30-day extension to the company for closing the private placement. This makes the new expiry date March 4, 2022.
In the press releases issued in November 2021 and January 2022, the company contemplated a private placement of up to 35,000,000 units. Price was mentioned at CDN$0.18 per unit for gross proceeds of up to CDN$6,300,000. Each unit comprises one common share and one common share purchase warrant – each warrant can be exercised for one year at CDN$0.35 per share.
The private placement still needs to get approval from the TSX Venture Exchange, and the securities will also be subject to a four month hold period as per Canadian securities laws. Net proceeds from the private placement are to be diverted towards general working capital, and completing a fully permitted 9,000m drill program to test the down plunge extension of 200m wide by 1800m long Standby Mine gold zone, for drill permitting applications to test the newly acquired King of the West Trend.
Jeff Hrncir, the Company’s chief geologist stated that the confirmation of the existence of Ore Centroid at Standby would be a major achievement and will set the stage for future resource delineation drilling.
Traders Review
MNRLF stock is trading below the 20-Day and 50-Day Moving averages of $0.0898 and $0.0954 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1318.
