Mineral mountain closes 1st tranche of its upsized private placement for gross proceeds of $4,975,800


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Mineral mountain closes 1st tranche of its upsized private placement for gross proceeds of $4,975,800

  1. 1. MINERAL MOUNTAIN RESOURCES LTD. 201-1416 West 8th Avenue Vancouver, B.C. V6H 1E1 T: 604-714-0111 F: 604-714-1119 MMV.TSX-V Not for Distribution to U.S. News Wire Services or for Dissemination in the United StatesNEWS RELEASE December 17, 2010No. 2010-14 Mineral Mountain Closes 1st tranche of its upsized Private Placement for Gross Proceeds of $4,975,800Vancouver, British Columbia, December 17, 2010: Mineral Mountain Resources Ltd.(MMV.TSX-V) (“Mineral Mountain” or the “Company”) announced today that it has closed the 1sttranche of its upsized private placement (the “Offering”) announced in its press release datedDecember 8, 2010 led by Industrial Alliance Securities Inc. and Stonecap Securities Inc. (the“Agents”). The Offering involved the issuance of 7,655,076 flow-through common shares (the“FT Shares”) at $0.65 per FT Share for gross proceeds of $4,975,800.In consideration of the Agents’ services, the Company paid the Agents a cash commission of7.5% of the gross proceeds of the Offering. The Agents have an option to offer an additional1,334,924 FT Shares for additional aggregate gross proceeds of $874,200 exercisable at anytime in whole or in part for a period of 30 days from the date hereof.The Company anticipates closing a non-brokered offering consisting of 1,500,000 flow-throughcommon shares at $0.65 per share for gross proceeds of $975,000 on or about December 23,2010.The Company intends to use the proceeds from the Offering and the non-brokered offering forgeneral exploration expenditures, which will constitute Canadian exploration expenses (asdefined in the Income Tax Act). The FT Shares issued are subject to a four month hold period.MINERAL MOUNTAIN RESOURCES LTD.Nelson W. Baker, President and CEOFor further information, please contactBrad Baker, DirectorTelephone: (604) 714-0111 Email: bbaker@mineralmountain.com
  2. 2. Kin Communications (604) 684-6730 Email: ir@kincommunications.comNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracy of this release.This release includes certain statements that may be deemed to be “forward-looking statements”. All statements inthis release, other than statements of historical facts, that address events or developments that the Company expectsto occur, including without limitation, the use of proceeds from the Offering and the closing of the non brokeredoffering, are forward looking statements. Forward looking statements are statements that are not historical facts andare generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Although theCompany believes the expectations expressed in such forward looking statements are based on reasonableassumptions, such statements are not guarantees of future performance and actual results may differ materially fromthose in forward looking statements. Factors that may cause the actual results to differ materially from those inforward-looking statements include gold prices, results of exploration and development activities, regulatory changes,defects in title, availability of materials and equipment, timeliness of government approvals, continued availability ofcapital and financing and general economic, market or business conditions. The Company cautions the foregoing listof important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-lookingstatements should carefully consider the above factors as well as the uncertainties they represent and the risk theyentail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, butno assurance can be given that these expectations will prove to be correct. Please see the public filings of theCompany at www.sedar.com for further information.