- Gold Mountain Mining Corp (TSX:GMTN) (OTC:GMTNF) entered into an amended agreement with Eight Capital, under which the Underwriters have now agreed to purchase, on a bought deal basis, 14.8 million units for C$1.25 per unit for aggregate gross proceeds of C$18.5 million.
- The prior agreement consisted of 9.6 million units at C$1.25 per unit for aggregate gross proceeds of C$12 million.
- Each Unit consists of one common share and one-half of one common share purchase warrant.
- Each Warrant is exercisable into one common share at an exercise price of C$1.75 for 24 months from the closing of the offering.
- The company plans to use the offering net proceeds for the development of the Elk Gold Project and working capital and general corporate purposes.
- The offering is scheduled to close on or about April 21, 2022.
- Price Action: GMTN shares are trading lower by 16.78% at C$1.19 on TSX, and GMTNF is lower by 16.26% at $0.95 on the last check Wednesday.
