CALGARY, Feb. 19, 2014 /CNW/ - Boxxer Gold Corp. (TSX Venture: BXX; OTC: BXXRF) ("Boxxer" or the "Corporation") is pleased to announce that it has closed an initial tranche of
$325,000 of units ("Units") in the non-brokered private placement (the "Offering") previously announced on December 11, 2013.
The first tranche closing of the Offering consisted of 6,500,000 Units a
price of $0.05 per Unit and raised total proceeds of $325,000, of which
insiders purchased $172,500 of Units. Each Unit consisted of one
Common Share in the share capital of Boxxer and one Common Share
purchase Warrant ("Warrant"). Each Warrant is exercisable into one Common Share at a price of
$0.05 until five (5) years 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 $0.10 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 general working capital purposes. No finders fee was paid on this
tranche of the private placement. The Units issued in connection with
this tranche of the Offering will be subject to a four month and 1 day
hold period that expires on June 20, 2014. It is anticipated that
there may be a second tranche closing of the Offering later in
The completion of the Offering is subject to final TSX Venture Exchange
approval. Three directors and one officer of Boxxer participated in
the Offering purchasing a total of 3,450,000 Units and Boxxer has
determined that there are exemptions available for the various
requirements of TSX Venture Policy 5.9 and Multilateral Instrument
61-101 for the issuance of these Units (Formal Valuation - Issuer Not
Listed on Specified Markets; Minority Approval - Fair Market Value Not
More Than $2,500,000). No new insiders were created, nor any change of
control occurred, as a result of this Offering.
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.
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 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 use of proceeds of
the Offering and a potential second tranche closing of the Offering.
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: final TSX Venture Exchange approval of the
Offering, future costs and expenses being based on historical costs and
expenses, adjusted for inflation and market demand for, and market
acceptance of, the Offering. 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:
For more information on Boxxer please visit our website at www.boxxergold.com or contact Boxxer at:
Elmer B. Stewart
President and Chief Executive Officer
Macam Investor Relations
Cam Macdonald or Gord Aldcorn