Hunter Bay Minerals plc Receives Proceeds of $837,466 on Exercise of Warrants and Grants Stock Options
LONDON, UNITED KINGDOM -- (Marketwire) -- 02/13/12 -- Hunter Bay Minerals plc ('Hunter Bay') (TSX VENTURE: HBY) is pleased to announce that, since mid-January, it has received proceeds of $834,466 on exercise of 5,583,107 warrants that were issued pursuant to private placements in September 2009. The warrants were exercisable at a price of $0.15 per share. Of the warrants exercised, directors and officers exercised a total of 2,339,774 warrants for proceeds of $350,966.
The proceeds from the exercise of the warrants will be used for the exploration of Hunter Bay's Sela Creek Project and for general corporate purposes.
Grant of Stock Options
Hunter Bay also announces that it has granted 1,050,000 stock options to officers, directors and consultants of Hunter Bay. The options were granted for a period of 5 years, expiring on February 13, 2017, and each stock option will allow the holder to purchase an ordinary share of Hunter Bay at an exercise price of $0.20. Except for 50,000 stock options granted to a consultant, all of the stock options vest immediately.
About Hunter Bay
Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in South America and Canada. Hunter Bay's lead project is the Sela Creek Project, located in Suriname, which Hunter Bay has an option to acquire up to an eighty percent (80%) interest. Hunter Bay also owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake NWT and has a thirty percent (30%) interest in the net profits of the Fortuna Project located in the Nambija Gold District, Ecuador.
Hunter Bay also has the right to operate the alluvial tailings within the Mazaruni and Puruni Permits (the 'Mazaruni and Puruni Operating Rights'). The operation of the alluvial tailings will be done under a 70/30 joint venture with the vendor of the Mazaruni and Puruni Operating Rights and will be subject to a 15% royalty payable to the owner of the Mazaruni and Puruni Permits.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Hunter Bay cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hunter Bay's control. Such factors include, among other things: risks and uncertainties relating to the ability of Hunter Bay to implement its exploration and development program of its mineral projects, Hunter Bay's limited operating history; the need to comply with environmental and governmental regulations; and potential defects in title to Hunter Bay's properties. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Hunter Bay undertakes no obligation to publicly update or revise forward-looking information.
Neither 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.
Contacts:
Hunter Bay Minerals plc
Christopher Wilson
CEO and President
(+44) 203-178-2101
(+44) 207-724-2734 (FAX)