MC Jervois Mining Limited

MILL CITY GOLD CORP. ("Mill City" and/or the "Company") (TSX
VENTURE:MC)(OTCBB:MCYGF)(FRANKFURT:NJ6) has closed its previously announced
non-brokered private placement of units to raise gross proceeds of $300,000. In
connection with the financing, Mill City issued a total of 6 million units. Each
unit was issued at a price of $0.05 per unit and consisted of one common share
of Mill City and one common share purchase warrant, each warrant entitling the
holder thereof to acquire one additional common share of Mill City for a period
of 60 months at a price of $0.10 per share. All securities issued in connection
with the private placement are subject to a statutory hold period expiring July
30, 2012. 


A Director and officer of the Company participated in the private placement,
constituting a related party transaction pursuant to TSX Venture Exchange Policy
5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders
in Special Transactions ("MI 61-101"). The Company relied on Section 5.5(a) of
MI 61-101 for an exemption from the formal valuation requirement and Section
5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval
requirement of MI 61-101 as the fair market value of the transaction did not
exceed 25% of the Company's market capitalization. 


Proceeds of the financing will be used for general corporate purposes.

ON BEHALF OF THE BOARD OF DIRECTORS

James R. Brown, Chairman, President & CEO

Grafico Azioni Jervois Mining (TSXV:MC)
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Da Mag 2024 a Giu 2024

Grafico Azioni Jervois Mining (TSXV:MC)
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Da Giu 2023 a Giu 2024