Boxxer Closes $275,000 Private Placement

CALGARY , Sept. 17 /CNW/ - Boxxer Gold Corp. (TSX-V:BXX) ("Boxxer" or the "Corporation") today announced the closing of its $275,000 non-brokered private placement consisting of 5,500,000 Units at $0.05 per Unit for gross proceeds of $275,000 . Each Unit consisted of one common share in the share capital of Boxxer ("Common Share") and one-half Common Share purchase warrant ("Warrant"). Each full Warrant shall be exercisable for 12 months from the date of issuance into one Common Share at a price of $0.10 per Common Share. The private placement was increased to total gross proceeds of $275,000 from $250,000 as originally disclosed in the news release dated August 27, 2009 . These securities are issued with a four month hold period expiring on January 18, 2010 . Five insiders participated in the private placement for total gross proceeds of $203,000 . The Corporation has determined that there are exemptions available from 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 25% of market Capitalization). No new insiders were created as a result of this private placement. The Company will use the proceeds to augment funds for its exploration programs and 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.

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For further information: Elmer B. Stewart, President & Chief Executive Officer, Tel: [phone], Cel: [phone], e-mail: [email protected]; John L. Maslanyk, Vice President & Chief Information Officer, Tel: [phone], Fax: [phone], e-mail:[email protected]; Alison Tullis, Senior Account Manager, Tel: [phone] ext. 233, Fax: [phone], e-mail: [email protected]