VANCOUVER, April 19 /CNW/ - Happy Creek Minerals Ltd. ("Happy Creek" or
the "Company") has entered into an engagement agreement with respect to an
underwritten "bought deal" private placement with PowerOne Capital Markets
Limited ("PowerOne") in which PowerOne has agreed to purchase, subject to
certain conditions, a private placement of 4 million equity units at a price
of $0.50 per unit resulting in gross proceeds of $2-million to Happy Creek.
Each unit will consist of one common share in the capital of the Company
and one-half of one common share purchase warrant. Each full warrant will be
exercisable to acquire one additional share for a period of 24 months from
closing at an exercise price of $0.70.
PowerOne will receive a commission of 6.5 per cent of the gross proceeds
of the offering, payable in cash. In addition, PowerOne will receive broker
warrants equal to 10 per cent of the total number of units sold under the
offering. Each broker warrant will entitle PowerOne to purchase one broker
unit at a price of $0.50 for a period of two years following the closing of
the offering. Each broker unit will consist of one common share and one-half
of one share purchase warrant. Each full warrant will be exercisable to
acquire one additional share for a period of 24 months from closing at an
exercise price of $0.70. The Company will also pay PowerOne's costs and
expenses of the offering.
All securities issued in the offering will have a hold period in Canada
of four months and a day from the closing of the offering.
Net proceeds from the offering will be used for the Company's ongoing
exploration program on its Cariboo molybdenum properties and for general
On behalf of the Board of Directors,
"David E Blann"
David E Blann, P.Eng.
Happy Creek Minerals Ltd.
This News Release has neither been approved nor disapproved by the TSX-
Venture Exchange whom does not accept responsibility for the accuracy or
adequacy therein. This News Release may contain statements that are
forward looking and subject to risk and uncertainty more fully described
in the Company's Prospectus and Public Filings located on SEDAR.
For further information:
For further information: Investor Relations, Terry Severs: Phone: (604)