Happy Creek closes $1.1 million financing
Vancouver, British Columbia / TheNewswire / September 04, 2015 - Happy Creek Minerals Ltd. (TSXV: HPY) (the "Company") is pleased to announce that it has closed a private placement financing with Resource Capital Funds Vl LP ("RCF VI") of Denver, Colorado.
The Company has completed a non-brokered private placement of CDN $1,100,000 through the sale of 10 million units of the Company (the "Units") at a price of eleven cents per Unit. Each Unit consists of one common share and one half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the Company for a period of three years after closing at an exercise price of fifteen cents.
The shares underlying the Units, the warrants and any shares acquired on exercise of the warrants will be subject to a four-month hold period ending on January 5, 2016. RCF VI will become an insider of the Company and no brokerage or finder fees are payable on this transaction.
As a result of the forgoing acquisition, RCF VI has direct and indirect control and direction over a total of 10,000,000 common shares of the Company representing approximately 13.85% of the issued and outstanding shares of the Company on a non-diluted basis. RCF VI also has direct and indirect control and direction over a total of 5,000,000 share purchase warrants. If RCF VI were to exercise all of its warrants, it would then own 15,000,000 common shares of the Company representing approximately 19.43% of the issued and outstanding shares assuming that no further common shares of the Company have been issued.
This press release is issued pursuant to Multilateral Instrument 62-104 and a report respecting the above acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing at www.sedar.com.
Proceeds of the financing will be used to further explore the Company's Fox tungsten project, in B.C., Canada and for general working capital.
About Resource Capital Funds
Resource Capital Funds is a private equity firm established in 1998 with a mining sector-specific investment mandate, spanning all hard mineral commodities and geographic regions. Since inception, RCF has supported 137 mining companies, with projects located in 44 countries and across 29 commodities. RCF is currently investing its sixth fund with committed capital of $2.04-billion. Further information about RCF can be found on its website.
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
Corporate Office:
Phone: 604.662.8310
Email: Info@happycreekminerals.com
Website: www.happycreekminerals.com
Corporate Communications:
Ron Birch: Phone: 250-545-0383
Toll Free: 1-800-910-7711
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.
David Blann, P.Eng. is a Qualified Person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in the news release.
This press release contains "forward-looking information" within the meaning of applicable securities laws, including statements that address capital costs, recovery, grade, and timing of work or plans at the Company's mineral projects. Forward-looking information may be, but not always, identified by the use of words such as "seek", "anticipate", "plan", "planned", "continue", "expect", "thought to", "project", "predict", "potential", "targeting", "intends", "believe", "opportunity", "further" and others, or which describes a goal or action, event or result such as "may", "should", "could", "would", "might" or "will" be undertaken, occur or achieved. Statements also include those that address future mineral production, reserve potential, potential size or scale of a mineralized zone, potential expansion of mineralization, potential type(s) of mining, potential grades as well as to Happy creek's ability to fund ongoing expenditure, or assumptions about future metal or mineral prices, currency exchange rates, metallurgical recoveries and grades, favourable operating conditions, access, political stability, obtaining or renewal of existing or required mineral titles, licenses and permits, labour stability, market conditions, availability of equipment, accuracy of any mineral resources, anticipated costs and expenditures. Assumptions may be based on factors and events that are not within the control of Happy creek and there is no assurance they will prove to be correct. Such forward-looking information involves known and unknown risks, which may cause the actual results to materially differ, and/or any future results expressed or implied by such forward-looking information. Additional information on risks and uncertainties can be found within Financial Statements, Prospectus and other materials found on the Company's SEDAR profile at www.sedar.com. Although Happy creek has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Happy creek withholds any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by law.
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