LONDON, ONTARIO -- (Marketwired) -- 05/14/13 -- Montana Gold Mining Company Inc. ("MGM" or the "Company") (CNSX: MGM) has completed a $50,000 private placement financing and modified the expiry times and exercise price of certain outstanding warrants of the Company.
A non-brokered private placement financing totaling $50,000 was recently completed though the issuance of units priced at $0.05 per unit. Each unit was comprised of one common share and one warrant to purchase an additional common share at $0.10 during the first year and at $0.20 during the second year.
The Company has modified the expiry times and exercise price of certain outstanding warrants of the Company (the "Warrants") as follows:
a. 2,800,000 warrants originally exercisable at $0.30 until September 12, 2013 are now exercisable at a price of CDN$0.10 until 5:00 p.m. (Toronto time) on January 24, 2014 and then at a price of CDN$0.20 until 5:00 pm on January 24, 2016;b. 1,400,000 warrants originally exercisable at $0.20 until February 8, 2014 are now exercisable at a price of CDN$0.10 until 5:00 p.m. (Toronto time) on February 8, 2014 and then at a price of CDN$0.20 until 5:00 pm on February 8, 2016.c. 2,000,000 warrants originally exercisable at $0.20 until April 24, 2014 are now exercisable at a price of CDN$0.10 until 5:00 p.m. (Toronto time) on April 24, 2014 and then at a price of CDN$0.20 until 5:00 pm on April 24, 2016; andd. 3,250,000 warrants originally exercisable at $0.10 until June 19, 2013 and then at $0.20 until June 19, 2014 are now exercisable at a price of CDN$0.10 until 5:00 p.m. (Toronto time) on June 19, 2014 and then at a price of CDN$0.20 until 5:00 pm on June 19, 2016.
Management will contact each warrant holder to ensure that all warrant holders are aware of these modifications.
Montana Gold Mining Company Inc. is a reporting issuer in good standing in the Province of Ontario whose common shares are listed on CNSX (CNSX: MGM). There are 33,631,007 common shares issued and outstanding in the capital of the Company.
The Company owns a 100% interest in two gold exploration projects located in the US states of Nevada and Montana. Both projects have NI 43-101 reports filed on www.SEDAR.com. Greater information is also available at www.montanagoldmining.com or www.Facebook.com/montanagoldmining.
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, regulatory acceptance of management's decision to modify the terms of the Warrants. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's future exploration work, technical, safety or regulatory issues.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Montana Gold Mining Company Inc.
Edward (Ted) Ellwood, MBA
President & CEO