Black Mammoth Metals (TSX-V:BMM) has closed a private placement for gross proceeds of C$24 million ($24.41 million).
The company has earmarked the funds for drilling and work programs across its portfolio of exploration properties.
BMM issued 8,000,000 units at C$3.00 per unit, with each unit comprising one common share and one-half non-transferrable warrant.
Each full warrant is exercisable at C$4.00 for a period of two years from the issue date. The units are subject to a four-month hold period from closing.
Proceeds will be used for drilling and work-up activities on the company’s core and non-core exploration properties, potential acquisitions, and general working capital.
Black Mammoth holds a 100% interest in 28 core properties across Nevada, Utah, Arizona, New Mexico, Idaho, and California in the US, including the Mineral Mountain project in Utah, the Antelope Gold property in Nevada, and the Gallinas Rare Earth property in New Mexico.
The company also holds the Blanco Creek Gold property in central Idaho, which hosts three historic underground mines along 3,550m of strike on the Blanco Shear Zone.
Black Mammoth Metals is a North American explorer advancing a portfolio of gold, silver, copper, and rare earth projects across the western US.
Write to JC Villarba at Mining.com.au
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