Hunter Bay Minerals Completes $500,000 Financing with Sumin
LONDON, UNITED KINGDOM -- (Marketwire) -- 03/21/13 -- Hunter Bay Minerals plc ("Hunter Bay") (TSX VENTURE: HBY)(OTCQX: HTBNF) is pleased to announce that it has closed the second tranche of its private placement financing announced on January 3, 2013 and March 19, 2013 by issuing to Sumin Resources Limited ("Sumin") 5,000,000 units at a price of $0.10 per unit for gross proceeds of $500,000. Each unit consists of one ordinary share ("Share") and one share purchase warrant ("Warrant"), with each Warrant entitling the holder to acquire one additional Share at a price of $0.10 per Share until September 19, 2013. Sumin's $500,000 subscription was completed in accordance with the terms of the previously announced cooperation agreement between Hunter Bay and Sumin.
The securities issued will be subject to a hold period expiring on July 20, 2013 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
Proceeds will be used to fund Hunter Bay's exploration program on its Sela Creek Project as well as for general working capital and corporate purposes.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Hunter Bay's securities in the United States.
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.
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 Hunter Bay's ability to complete its proposed exploration program on the Sela Creek Project. Accordingly, actual and future events, conditions and results may differ materially from 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) 207-127-9125
