Happy Creek Completes First Tranche of $172,800 Private Placement
![Happy Creek Completes First Tranche of $172,800 Private Placement](https://www.minenportal.de/media/goldseiten-news.jpg)
In connection with the offering, the Company paid finder's fees totalling $5,096 in cash and issued 21,840 broker warrants. Each broker warrant is exercisable into one common share of the Company at a price of $0.30 for a period of two years.
The net proceeds of the private placement will be used to conduct mineral exploration work that qualifies as Flow Through Exploration Expense under the Income Tax Act (Canada), and for general working capital and additional exploration, engineering or development work contemplated by the Company. Exploration expenditures will be primarily focused on the Company's Fox tungsten and Highland Valley copper properties.
The securities issued in connection with the offering are subject to resale restrictions expiring on April 29, 2019.
In connection with the non-brokered private placement, the Company issued 325,000 common shares to persons that are directors or senior officers of the Company. The Company has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 ("MI 61-101") are available for the issuance of the common shares to these related parties. The Company relied on Section 5.5(c) of MI 61-101 for an exemption from the formal valuation requirement on the basis that the transaction is a distribution of securities for cash, and Section 5.7(b) of MI 61-101 for an exemption from the minority approval requirement as the fair market value of the transaction is not more than $2,500,000.
On behalf of the Board of Directors,
"David E Blann"
____________________
David E Blann, P.Eng.
President, CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
David Blann, President, CEO
Phone: 604.662.8310
Email: Info@happycreekminerals.com
Website: www.happycreekminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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