Mammoth Resources Corp. (TSXV:MTH) announced the re-pricing of a non-brokered private placement financing for up to 5,000,000 units of the company at a price of $0.10 per Unit to raise gross proceeds of up to $500,000.
As quoted in the press release:
Although the company has had reasonable interest in this private placement, the current challenging capital market situation for mineral exploration companies has resulted in the board of directors of Mammoth recognizing that the previous pricing of this financing may not be applicable in this market. As a result the private placement has been re-priced to include up to 7,000,000 units of the company (the “Units”) at a price of $0.07 per Unit to raise gross proceeds of up to $490,000. Each Unit will be comprised of one common share of the Company and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire an additional common share of the Company for a period of 24 months from the date of issue at a price of $0.12 per common share.