Boxxer completes $123,000 private placement with Key Venture Capital Inc.
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CALGARY, April 14, 2014 /CNW/ - Boxxer Gold Corp. (BXX-TSXV) (OTC-BXXRF) ("Boxxer"): Further to news releases issued on January 30, 2014 and March 17, 2014, Boxxer is pleased to announce that it has completed the previously announced financing with Key Venture Capital Inc. ("Key") for total gross proceeds of $123,000 (the "Private Placement"). Pursuant to the Private Placement, Key was issued 2,460,000 units of Boxxer (the "Boxxer Units") at a price of $0.05 per Boxxer Unit. Key intends that the Private Placement and subsequent Distribution and Dissolution (as described in the January 30, 2014 news release) will constitute Key's "Qualifying Transaction" pursuant to Policy 2.4 of the TSX Venture Exchange (the "TSXV"). Each Boxxer Unit consists of one common share of Boxxer and one transferable share purchase warrant of Boxxer (a "Warrant"). Each Warrant shall be exercisable for five years at $0.05 per share and is subject to accelerated expiry provisions such that if at any time after the completion of the Private Placement the closing price of the common shares of Boxxer on the TSXV is at least $0.10 per share for 15 consecutive days, Boxxer may give notice that each Warrant will expire 15 business days from the date of providing such notice. The proceeds of the Private Placement will be used for general working capital.
Boxxer expects that the Distribution of the Boxxer Units to the shareholders of Key, and the Dissolution of Key will occur within the next two weeks. As previously announced on March 17, 2014, it is anticipated that upon the completion of the Distribution of the Boxxer Units and the Dissolution of Key, Sophia Leung, the Chief Executive Officer and a director of Key, will be appointed to the Board of Directors of Boxxer.
The completion of the Distribution and Dissolution, and the appointment of Ms. Leung to the Board of Directors of Boxxer, are subject to conditions, including but not limited to, the receipt of all requisite regulatory approvals, including final TSXV acceptance of the Key Qualifying Transaction.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource company involved in the exploration for large polymetallic copper deposits in North America. Boxxer's active projects include the Boss and Buena Vista copper projects in the state of Nevada, the Empire copper-gold-silver property in Idaho, the DOK copper-gold porphyry property in Northwest B.C., and the East Breccia copper-silver-molybdenum property in Ontario. Boxxer also has the Gordon Lake gold project located 110 kilometres north of Yellowknife NWT, Canada.
For more information on Boxxer please visit our website at www.boxxergold.com or contact Boxxer Gold Corp.
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.
Forward-Looking Information: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information regarding: the Qualifying Transaction, the Distribution , the Dissolution and the appointment of Sophia Leung to the Board of Directors of Boxxer. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Boxxer's current beliefs and is based on information currently available to Boxxer and on assumptions Boxxer believes are reasonable. These assumptions include, but are not limited to: the final acceptance of the Qualifying Transaction by the TSXV; and the acceptance by the TSXV of Ms. Leung as a director of Boxxer. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of Boxxer to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities and junior market securities; the actual results of Boxxer's business operations including its exploration operations; natural resource company market conditions and the market conditions of the natural resource industry in general; competition; changes in legislation, including environmental legislation, affecting the Boxxer; timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Boxxer's disclosure documents on the SEDAR website at www.sedar.com. Although Boxxer has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Boxxer does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Boxxer Gold Corp.For further information: Elmer B. Stewart, 403-264-4811, President and Chief Executive Officer, Email: email@example.com; Jason Riley, 403-264-4811, Executive Vice-President, Email: firstname.lastname@example.org; Macam Investor Relations, Cam Macdonald, 403-452-6600, Email: email@example.com; Email: firstname.lastname@example.org