(TheNewswire)
Vancouver, B C - TheNewswire - February 28, 2023 - Happy Creek Minerals Ltd. (TSXV:HPY) (“ Happy Creek ” or the“ Company ”) is pleased to announce that the previously announcednon-brokered private placement (see the Company’s news releasesdated January 18, 2023) (the “Private Placement”) has closed on atotal of 8,000,000 units at a price of $0.05 per unit. Each Unitconsists of one common share and one-half of a share purchase Warrant.Each whole Warrant entitles the holder to purchase one common share ofthe Company at an exercise price of $0.10 per share up to close ofbusiness on February 28, 2025 .
In connection with the closing of the privateplacement, the Company paid the following finder’s fees: CanaccordGenuity Corp. $3,000.00 in cash and 60,000 Non-Transferable Finder’sWarrants, Pollitt & Co. Inc. $11,400.00 in cash and 228,000Non-Transferable Finders Warrants, PowerOne Capital Markets Limited$3,000.00 in cash and 60,000 Non-Transferable Finders Warrants. EachFinder’s Warrant entitles the holder to purchase a unit of theIssuer comprising of one common share of the Issuer and one-half of aNon-Transferable secondary warrant (the “Second Warrant”) at anexercise price of $0.05 per unit up to close of business on February28, 2025. Each whole Second Warrant is exercisable into oneadditional common share of the Issuer at an exercise price of $0.10per share up to close of business on February 28, 2025.
The net proceeds of $400,000 willprimarily be used to fund the Company’s ongoing exploration programsand for general working capital.
All common shares issued under the Private Placementwill be subject to a hold period expiring on June 29, 2023, inaccordance with applicable Canadian securities laws.
In connection with the Private Placement, the Companyissued common shares to persons that are directors or senior officersof the Company . The Company has determined that exemptionsfrom the various requirements of TSX Venture Exchange Policy 5.9 andMultilateral Instrument 61-101 (“MI 61-101”) are available for theissuance of the common shares to these related parties. The Companyrelied on Section 5.5(c) of MI 61-101 for an exemption from the formalvaluation requirement on the basis that the transaction was adistribution of securities for cash, and Section 5.7(1)(b) of MI61-101 for an exemption from the minority approval requirement as thefair market value of the transaction was not more than$2,500,000.
About Happy Creek MineralsLtd.
Happy Creek is focused on making new discoveries andbuilding resources in proximity to infrastructure on the Company’s100-percent-owned portfolio of diversified metal projects in BritishColumbia. The Company’s Management, Board of Directors and TechnicalAdvisors have extensive expertise and experience in the mineralresource sector and capital markets.
More information on the Company’s projects can befound on the website at www.happycreekminerals.com .
The Company operates with the principles and guidelines set out forCOVID-19 that are established by provincial health and safetyauthorities to protect workers and the communities in which theCompany operates.
On behalf of the Board of Directors,
“Peter Hughes”
President and Chief Executive Officer
FORFURTHER INFORMATION, PLEASE CONTACT:
Peter Hughes, President and ChiefExecutive Officer
Phone: (604) 802-7372
Email: petehughes@me.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.
This press release contains "forward-lookinginformation" within the meaning of applicable securities laws,including statements that address capital costs, recovery, grade, andtiming of work or plans at the Company’s mineral projects.Forward-looking information may be, but not always, identified by theuse of words such as "seek", "anticipate",“foresee”, "plan", "planned","continue", "expect", “thought to”,"project", "predict", "potential","targeting", "intends", "believe",“opportunity”, “further” and others, or which describes a goalor action, event or result such as "may","should", "could", "would","might" or "will" be undertaken, occur orachieved. Statements also include those that address future mineralproduction, reserve potential, potential size or scale of amineralized zone, potential expansion of mineralization, potentialtype(s) of mining, potential grades as well as to Happy Creek’sability to fund ongoing expenditure, or assumptions about future metalor mineral prices, currency exchange rates, metallurgical recoveriesand grades, favourable operating conditions, access, politicalstability, obtaining or renewal of existing or required mineraltitles, licenses and permits, labour stability, market conditions,availability of equipment, accuracy of any mineral resources,anticipated costs and expenditures. Assumptions may be based onfactors and events that are not within the control of Happy Creek andthere is no assurance they will prove to be correct. Suchforward-looking information involves known and unknown risks, whichmay cause the actual results to materially differ, and/or any futureresults expressed or implied by such forward-looking information.Additional information on risks and uncertainties can be found withinFinancial Statements, Prospectus and other materials found on theCompany’s SEDAR profile at www.sedar.com . AlthoughHappy Creek has attempted to identify important factors that couldcause actual actions, events or results to differ materially fromthose described in forward-looking information, there can be noassurance that such information will prove to be accurate as actualresults and future events could differ materially from thoseanticipated in such statements. Happy Creek withholds any obligationto update or revise any forward-looking information, whether as aresult of new information, future events or otherwise, unless requiredby law.
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