CALGARY, Sept. 16 /CNW/ - Boxxer Gold Corp. (TSX-V:BXX) ("Boxxer" or the "Corporation") today announced it has closed the non-brokered $1,000,000 private placement financing previously announced on August 7, 2009. Boxxer issued 25,000,000 Units at $0.04 per Unit for gross proceeds of $1,000,000. Each Unit consisted of one common share in the share capital of Boxxer ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant shall be exercisable for 12 months from the date of issuance into one Common Share at a price of $0.08 per Common Share. A finder's fee totaling $35,040, and finder's warrants totaling 1,095,000, was paid for participation in this private placement. Each finder's warrant is exercisable for 12 months from the date of issuance into Units exercisable at $0.05 per Unit, including one Warrant exercisable into one common share at $0.08. These securities were all issued with a four month hold period expiring on January 17, 2010.
The proceeds of the private placement will be used to continue exploration of Boxxer's Boss copper-gold project located in the Goodsprings Mining District, southwest Nevada. Exploration includes but is not limited to a high sensitivity magnetic, radiometric and electromagnetic airborne geophysical survey, ground follow-up of targets outlined by the airborne survey and diamond drilling of existing targets. The Company will also use the proceeds for general working capital.
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Forward-Looking Statements: 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. 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. For any forward looking information given, management has applied geological interpretation methodologies which are consistent with industry standards. Although management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements. For such statements, we claim the safe harbour for future. A description of 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 the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Boxxer Gold Corp.
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