Boxxer announces $2,600,000 private placement

CALGARY, Nov. 17, 2011 /CNW/ - Boxxer Gold Corp. (TSX Venture: BXX/OTC BXXRF) ("Boxxer" or the "Corporation") today announced its intention to raise up to $2,600,000 by way of a non-brokered private placement (the "Offering") consisting of a combination of Non-Flow Through Units and Flow-Through Units.  The Offering is expected to close on or about December 15, 2011, and the Offering is subject to regulatory approval.

A total of up to 10,000,000 Non-Flow-Through Units will be offered for sale at a price of $0.11 per Unit to raise total gross proceeds of $1,100,000.  Each Non-Flow-Through Unit will consist of one Non-Flow-Through Common Share in the share capital of Boxxer and one-half of a Non-Flow-Through Common Share purchase Warrant ("Warrant").  Each whole Warrant shall be exercisable into one Common Share at a price of $0.20 until expiry on December 15, 2012.

In addition to the Non-Flow-Through Units a total of up to 10,000,000 Flow-Through Units will be offered for sale at a price of $0.15 per Flow-Through Unit to raise total gross proceeds of $1,500,000. Each Flow-Through Unit will consist of one Flow-Through Common Share and one-half of a Non-Flow-Through Common Share purchase Warrant. Each whole Warrant shall be exercisable into one Common Share at a price of $0.20 until expiry on December 15, 2012.

The proceeds of the Non-Flow-Through Unit Offering will be used primarily to drill test the strike and depth extensions of the two zones of copper-gold-silver-molybdenum mineralization intersected in DDH-07-2011 and previously untested chargeability anomalies located under the Oro Amigo mine, a former small copper mine located within the Boss copper-gold project, and for general working capital purposes. The proceeds of the Flow-Through Unit Offering will be used to continue exploration, including diamond drilling on Boxxer's Canadian properties, including the Gordon Lake gold property in the NWT, the East Breccia copper-molybdenum-silver property in Ontario, and the DOK porphyry copper-gold-molybdenum-silver property in northwest, British Columbia.

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 Non-Flow-Through Units and Flow-Through Units sold under the Offering. The finder's warrants will be exercisable into Common Shares at a price of $0.11 per Common Share for a period of one year from the date of issuance of the finder's warrants.

About Boxxer Gold Corp.
Boxxer is a Canadian junior resource company focused on the exploration and discovery of large polymetallic porphyry copper deposits on its Boss and Buena Vista projects in the state of Nevada, the DOK copper-gold-molybdenum 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, Canada.

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 and that the proposed exploration and diamond drilling would 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 Boxxer Gold Corp
Colin B. Christensen
Vice-President Corporate Development
Tel: 403-264-4811
Fax: 1-403-237-6292
e-mail: colin@boxxergold.com
John L. Maslanyk
Vice President & Chief Information Officer
Tel: 1-403-804-2251
Toll Free: 1-888-479-3596
e-mail: john@boxxergold.com
Keith Bullen
Investor Relations
Tel: 1-416-350-2794
Fax: 1-416-350-2794
e-mail: kbullen@rogers.com

 

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Boxxer Gold Corp.

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