Black Mammoth Metals Closes $100,000 Private Placement
Black Mammoth Metals Closes $100,000
Private Placement
/NOT FOR DISSEMINATION IN
THE UNITED STATES
OR VIA U.S. NEWSWIRE/
VANCOUVER, BC
,
Aug. 18, 2023
/CNW/ -
Black Mammoth Metals Corporation
(TSXV: BMM)
(OTC: LQRCF)
("Black Mammoth" or the "Company")
is pleased to announce the closing of the
non-brokered private placement, previously disclosed in press release dated
August 8, 2023
, for
proceeds of
$100,000
by way of a private placement (the "Offering") of up to 1,000,000 common
shares of the Company at a price of
$0.10
per Unit (the "Units"). Each Unit consists of one common
share of the Company and one common share purchase warrant (the "Warrant"), with each Warrant
exercisable into one common share of the Company for a period of four (4) years from the issue
date at an exercise price of
$0.15
. The Units will be subject to a four month hold period from the
date of closing. A finder's fee totalling
$200
cash was paid to Haywood Securities Inc.
The Company intends on using the proceeds of the Offering for its Blanco Creek gold property
located in
Idaho
and its Happy Cat gold property in
Nevada
and for general working capital.
Ms. Henderson, an insider of the Company participated in 480,000 Units
($48,000)
. As such, this
participation constitutes a "related party transaction" as defined under TSX Venture Exchange Policy
5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 contained in sections 5.5(a), 5.5(b) and 5.7(1)(a)
as neither the fair market value of the Units acquired by the insiders nor the consideration for the
Units paid by such insiders, exceed 25% of the Company's market capitalization.
Black Mammoth Metals Files Early Warning Report:
Ms. Henderson's participation in the Offering, increased her common share ownership of Black
Mammoth Metals Corp. to 19.9% of the total issued and outstanding common shares of Black
Mammoth as of
August 18
, 2023. As a result, Ms. Henderson held, as of
August 18, 2023
, an
aggregate of 3,175,225 common shares of Black Mammoth and rights to acquire an additional
1,280,000 common shares of Black Mammoth upon the exercise of convertible securities
(collectively, the "Convertible Securities"). In the event that the Convertible Securities are fully
exercised, the holdings of Ms. Henderson represent a total of 4,455,225 common shares of Black
Mammoth, or approximately 25.9% of all issued and outstanding common shares as of
August 18,
2023
, calculated on a partially diluted basis assuming the exercise of the Convertible Securities
only.
The Units were acquired by Ms. Henderson for investment purposes. Ms. Henderson has a long-
term view of the investment and may acquire additional securities of the Company including on the
open market or through private acquisitions or may sell securities of the Company including on the
open market or through private dispositions in the future depending on market conditions,
reformulation of plans and/or other relevant factors. A copy of the Early Warning Report filed with
the applicable securities regulators regarding the above acquisition is available on SEDAR (
www.sedar.com
).
About Black Mammoth Metals Corporation:
The Company has completed a ground gravity survey that is now modeled and interpreted in
conjunction with the recent UAV magnetic survey at its 100% owned, 1213 hectare (2997 acre)
Happy Cat gold property
, in southern Ravenswood Mining District,
Lander County, Nevada
.
An approximate 4 square kilometre area is identified as a potential alteration zone where
hydrothermal fluids may be present (the "Alteration"). The structural modelling suggests that the
density of the Alteration and its' density contrast relative to the host rock is typical to that of
alteration zones present at other
Carlin
-type deposits in northern
Nevada
. The Alteration
encompasses an area where northerly trending high angle faults intersect indicated NW trending re-
activated faults that are known to be of age and orientation as ore-controlling faults occurring at
other
Carlin
-type deposits. The Company intends to prioritize drill targets within the Alteration.
Black Mammoth also has a 100% interest, subject to underlying royalties, in the
Blanco Creek gold
property
in the Elk Creek Mining District, central
Idaho
which hosts three historic underground mines
along 3550 meters (11,644 feet) of strike on the north-east trending regional
Blanco Shear 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 14
th
, 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 completed 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.
Mark J. Abrams
, CPG #11451, Non-Independent Qualified Person as defined by NI 43-101 and
Director of Black Mammoth has approved the technical information contained in this news release.
On behalf of the board,
"Dustin Henderson"
Dustin Henderson
, BBA
President & CEO
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release."
This press release contains forward-looking statements and forward-looking information
(collectively, "forward looking statements") within the meaning of applicable Canadian and
United
States
securities laws. All statements, other than statements of historical fact, included herein,
including statements regarding the anticipated content, commencement, duration and cost of
exploration programs, anticipated exploration program results, the discovery and delineation of
mineral deposits/resources/reserves, the timing of the receipt of assay results, the visual continuity
of certain mineralized intervals and business and financing plans and trends, the potentially open
nature of the mineralized zones on the property and the potential for future discoveries of
additional mineralization on the property are forward-looking statements. Forward-looking
statements are typically identified by words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions or are those which, by their nature, refer to future events.
Although the Company believes that such statements are reasonable, there can be no assurance
that such statements will prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of future performance, and that
actual results may differ materially from those in forward-looking statements. Important factors that
could cause actual events and results to differ materially from the Company's expectations include
those related to weather, equipment and staff availability; performance of third parties; timing of
receipt of assay results from third party analytical facilities; risks related to the exploration stage of
the Company's projects; market fluctuations in prices for securities of exploration stage companies
and in commodity prices; and uncertainties about the availability of additional financing; risks
related to the Company's ability to identify one or more economic deposits on the properties, and
variations in the nature, quality and quantity of any mineral deposits that may be located on the
properties; risks related to the Company's ability to obtain any necessary permits, consents or
authorizations required for its activities on the properties; and risks related to the Company's ability
to produce minerals from the properties successfully or profitably. Trading in the securities of the
Company should be considered highly speculative. All of the Company's public disclosure filings
may be accessed via
www.sedarplus.ca
and readers are urged to review these materials,
including the latest technical reports filed with respect to the Company's mineral properties.
SOURCE
Black Mammoth Metals Corp
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For further information:
Black Mammoth Metals Corporation, Phone: 604 347 9101, Email:
[email protected], Website:
www.blackmammothmetals.com
CO: Black Mammoth Metals Corp
CNW 10:30e 18-AUG-23