Gold Mountain Concludes $6.5 Million Financing

Vancouver, BC / ACCESSWIRE / August 23, 2024 / Gold Mountain Mining Corp. (TSX:GMTN) announced the closing of a $6.5 million financing through the issuance of a convertible secured debenture. This financing came from the Investor, an affiliate of Nhwelmen Construction GP Ltd., an existing insider.

The debenture is convertible into 81,250,000 common shares at $0.08 per share, maturing in ten years, with an annual interest rate of 10%. The Special Committee of the board, comprising independent directors, deemed the terms reasonable and recommended proceeding.

This transaction improves the company's financial stance without shifting control. Assuming full conversion, Nhwelmen and affiliates would own 34.05% of Gold Mountain’s common shares. The TSX granted approval after obtaining written consent from disinterested security holders. This move aligns with the company's efforts to address financial hardship under MI 61-101 regulations.