CALGARY, June 18, 2012 /CNW/ - Boxxer Gold Corp. (TSX Venture: BXX/OTC:
BXXRF) ("Boxxer" or the "Corporation") today announced its intention to raise up to $1,050,000 by way of a
non-brokered private placement (the "Offering"). The Offering is
expected to close on or about July 16, 2012, and the Offering is
subject to regulatory approval.
A total of up to 15,000,000 Units will be offered for sale at a price of
$0.07 per Unit to raise total proceeds of $1,050,000. Each Unit will
consist of one Common Share in the share capital of Boxxer and one-half
of a Common Share purchase Warrant ("Warrant"). Each whole Warrant
shall be exercisable into one Common Share at a price of $0.12 until
one (1) year from the date of closing.
Each Warrant is subject to accelerated expiry provisions such that if
any time after the completion of the offering the closing price of the
Common Shares on the TSX Venture Exchange is at least $0.12 per Common
Share for 15 consecutive days the Corporation may give notice to the
holders that each warrant will expire 15 business days from the date of
providing such notice.
The proceeds of the Unit Offering will be used primarily for preparation
of additional diamond drilling on the Boss copper-gold property,
continue exploration on the Buena Vista copper project, also located in
Nevada and for general working capital purposes.
A finder's fee of up to 9% of the gross proceeds of the Offering may be
paid in cash on all or any part of the Offering. Additionally, finder's
warrants exercisable into Common Shares of Boxxer may be issued in an
amount up to 9% of the number of Units sold under the Offering. The
finder's warrants will be exercisable into Common Shares at a price of
$0.07 per Common Share for a period of one year from the date of
issuance of the finder's warrants.
Boxxer has retained the services of Mira Geosciences to complete a
detailed interpretation of the Total Field Airborne magnetic data
collected from the DOK property in 2011. The results of the
interpretation will be used to direct the mapping and sampling portion
of the proposed 2012 field exploration program.
Boxxer is also pleased to announce that it has executed a contract with
Quantec Geosciences to perform a Titan-24 DCIP & MT geophysical survey
over the two previously identified large multi-element
(copper-molybdenum-gold-silver) soil geochemical anomalies (see News
Release dated May 26, 2011). The geochemical anomalies are hosted in
potassic and phyllic altered intrusives and volcanics of the Stuhini
group. Mineralized intervals (historical results) of up to 0.64%
copper over 41m are reported to occur with one of the geochemical
anomalies. The geophysical survey is expected to commence when weather
conditions (snow) allows. Contingent on the results of the geophysical
survey, diamond drilling is also planned.
Elmer B. Stewart, MSc. P. Geol., President and CEO of Boxxer Gold, is
the Company's nominated Qualified Person pursuant to National
Instrument 43-101, Standards for Disclosure for Mineral Projects, has
reviewed the technical information disclosed in this news release.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource corporation focused on the
exploration of the Boss and Buena Vista copper projects in the state of
Nevada, the DOK copper-gold porphyry property in Northwest B.C., and
the East Breccia copper-silver-molybdenum property in Ontario. Boxxer
also has the Crescent Peak gold-silver project in Nevada and the Gordon
Lake gold project located 110 kilometres north of Yellowknife NWT,
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.
Forward-Looking Statements: This news release may contain certain forward-looking information.
All statements included herein, other than statements of historical
fact, is forward-looking information and such information involves
various risks and uncertainties. There can be no assurance that such
information will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
information. There is no certainty that the proposed financing will
be completed or that the geophysical survey will identify geophysical
targets or that drill testing of any targets identified will intersect
significant mineralization. For any forward-looking information given,
Management has assumed that the results it has received and the
interpretation thereof are reliable, and has applied geological and
geophysical interpretation methodologies which are consistent with
industry standards. Although Management has a reasonable basis for any
conclusions drawn, actual results may differ materially from those
currently anticipated in such forward-looking statements. Additional
assumptions used to develop such forward-looking information and a
description of 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. Boxxer does not undertake to update any forward-looking information
except in accordance with applicable securities laws.
SOURCE Boxxer Gold Corp.
For further information:
For more information on Boxxer please visit our website at www.boxxergold.com or contact:
Boxxer Gold Corp
Boxxer Gold Corp
John L. Maslanyk
Vice President & Chief Information Officer
Toll Free: 1-888-479-3596
Macam Investor Relations