TORONTO, Nov. 30, 2011 /CNW/ - Hudson River Minerals Ltd. ("Hudson River") (TSX-V:HRM) is pleased to announce its intention to complete a
non-brokered private placement to raise aggregate gross proceeds of up
to CDN$1.0 million (the "Offering").
The Offering will consist of up to an aggregate of 7,500,000
flow-through units (each a "Flow-Through Unit") at a price of $0.10 (Canadian) per Flow-Through Unit for aggregate
gross proceeds of up to CDN$750,000 with each Flow-Through Unit being
comprised of one common share to be issued as a "flow-through share" as
defined in the Income Tax Act (Canada) and one-half of one non-flow-through non-transferrable common
share purchase warrant (a "Warrant"). Each whole Warrant forming part of the Flow-Through Units will
entitle the holder thereof to purchase one common share at a price of
$0.20 (Canadian) for a period of 24 months from the closing date of the
Offering (the "Closing Date").
The Offering will also consist of up to an aggregate of 3,571,429 hard
units (the "Hard Units") at a price of $0.07 (Canadian) per Hard Unit for aggregate gross
proceeds of up to CDN$250,000 with each Hard Unit being comprised of
one common share and one-half of one non-transferrable common share
purchase warrant. Each whole warrant forming part of the Hard Units
will entitle the holder thereof to purchase one common share at a price
of $0.15 (Canadian) for a period of 24 months from the Closing Date.
Finders used to source subscriptions will be paid a fee on closing (a "Finder's Fee") of 7% in cash and 7% payable as compensation options based on the
aggregate number of Flow-Through Units and Hard Units sold pursuant to
the Offering as a result of the direct efforts of the finder. Each
compensation option will entitle the holder thereof to purchase one
common share at a price of $0.15 (Canadian) for a period of 24 months
from the Closing Date. The compensation options will be
The proceeds will be used to advance Hudson River's exploration projects
in Ontario, primarily the Forge Lake project, and for general corporate
About Hudson River Minerals Ltd.
Hudson River is focused on the discovery of precious metals and base
metals in Ontario. The management team identifies underexplored areas
that have historical intersections of economic minerals and has
experience exploring in areas with little geologic outcrop and that
rely heavily on geophysical technologies for discovery. For more
details on Hudson River's properties go to www.sedar.com or visit www.hudsonriverminerals.com.
Neither the 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.
This press release contains forward-looking statements (including
"forward-looking information" within the meaning of applicable Canadian
securities legislation and "forward-looking statements" within the
meaning of the US Private Securities Litigation Reform Act of 1995)
relating to, among other things, the planned financing and exploration
projects of Hudson River. Hudson River has relied on a number of
assumptions and estimates in making such forward-looking statements,
including, without limitation, the prices of gold and costs of
exploration. Such assumptions and estimates are made in light of the
trends and conditions that are considered to be relevant and reasonable
based on information available and the circumstances existing at this
time. A number of risk factors may cause the planned financing and the
exploration projects to be materially different from those expressed or
implied by such forward-looking statements including, without
limitation, changes in general economic, market and business
conditions, and those other risks set forth in Hudson River's public
filings. Forward-looking statements are not guarantees of future
performance and such information is inherently subject to known and
unknown risks, uncertainties and other factors that are difficult to
predict and may be beyond the control of Hudson River. Although Hudson
River has attempted to identify important risks and factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors and
risks that cause actions, events or results not to be as anticipated,
estimated or intended. Consequently, undue reliance should not be placed on such
forward-looking statements. In addition, all forward-looking statements
in this press release are given as of the date hereof.
Hudson River disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise, save and except as may be required by
applicable securities laws. The forward-looking statements contained
herein are expressly qualified by this disclaimer.
SOURCE Hudson River Minerals Ltd.
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