ANNOUNCES CLOSING ON $720,000 PRIVATE PLACEMENT AND COMMENCEMENT OF DIAMOND DRILLING AT ITS TENORIBA GOLD-SILVER PROJECT, CHIHUAHUA, MEXICO
Mammoth Resources Corp. (MTH.V) has closed its previously announced non-brokered private placement of up to eight million units of Mammoth at nine cents per unit, for gross proceeds of up to $720,000.
The company commenced diamond drilling on Dec. 1 and has competed the first drill hole and begun drilling the second of the program.
Drilling is expected to continue nearer the holiday period whereupon drilling will be curtailed for the holiday and recommence in early January. It is expected that the company will have results from holes drilled in December, in early to mid-January, and results from the continuation of drilling in 2018 will be released through the first quarter 2018.
Thomas Atkins, president and chief executive officer of Mammoth, commented on this successful private placement, stating: "We're pleased to be closing on 100 per cent of what we'd set out to raise through this financing and in fact we couldn't accept additional investment due to the limits of our price reservation. We're also pleased to announce that even prior to closing this financing we began diamond drilling and are pleased to so quickly be able to mobilize and start drilling relative to the announcement of our plans to fund drilling via this private placement. Mammoth's vice-president, exploration, Richard Simpson, is on site and working with the drill contractor and local labourers to advance this drill program. Results are expected early to mid-January and throughout the first quarter of 2018. We're optimistic the abundant surface work performed by the company, and which was used in selecting the drill targets, will produce some attractive precious metal intersections from this drilling."