Happy Creek Completes Private Placement Financing

Tickers: XTSX:HPY
Tags: #Mining

Vancouver, British Columbia – TheNewswire – September 24, 2019 – Happy Creek Minerals Ltd. (TSXV:HPY) (theCompany“) is pleased to announce that it has completed its non-brokered private placement financing of 6,793,572 flow-through common shares at a price of $0.14 per share for gross proceeds of $951,100 and 4,779,664 common shares at a price of $0.12 per share for gross proceeds of $573,560 for total gross proceeds of $1,524,660 (the “Offering“).

In connection with the Offering, the Company paid finder’s fees totalling $109,189 in cash and issued 618,000 broker warrants. Each broker warrant is exercisable into one common share of the Company at a price of $0.17 per share for a period of two years. Canaccord Genuity Corp. acted as advisor on a portion of the Offering.

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 focussed 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 January 24, 2020.

In connection with the non-brokered private placement, the Company issued a total of 1,219,666 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 is relying on the exemptions from the formal valuation and minority approval requirements contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transaction does not exceed 25% of the Company’s market capitalization.

On behalf of the Board of Directors,

“David E Blann”


David E Blann, P.Eng.

President, CEO


David Blann, President, CEO

Corporate Office:

[email protected]

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.

Copyright (c) 2019 TheNewswire – All rights reserved.

Comments are closed.

Free newsletter for stock pics, interview transcripts & investing ideas