Gold Mountain Mining (ASX:GMN) announces $5.1m rights issue

• Gold Mountain Mining (GMN) will raise $5.1 million through a renounceable rights issue to further fund exploration work
• GMN will also use the extra cash to help pay down its debts, with $1 million worth of loans and creditors to be repaid through subscribing under the offer
• Under the rights issue, investors will be offered one new share for every three held, with new shares priced at 2 cents each —a 37 per cent discount
• GMN will issue a new attaching option for every three new shares received, with an exercise price of 4 cents and a scratch date of 18 months

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