CALGARY, Oct. 18, 2012 /CNW/ - Boxxer Gold Corp. (TSX Venture: BXX/OTC: BXXRF) ("Boxxer" or the "Corporation"). Further to a news release dated September 28, 2012, Boxxer announces that it has re-priced its $1.75 million private placement financing (the "Offering"). The flow-through units ("FT Units") have been priced at $0.08 (down from $0.10 per FT Unit). The units ("Units") have been priced at $0.07 (down from $0.075 per Unit).
A total of up to 10,714,286 units will be offered for sale at a price of $0.07 per Unit to raise total proceeds of up to $750,000. Each Unit will consist of one (1) common share in the share capital of Boxxer ("Common Share") and one-half of one (1/2) Common Share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant shall be exercisable into one (1) Common Share at a price of $0.12 until one (1) year from the date of closing.
In addition, a total of up to 12,500,000 FT Units will be offered for sale at a price of $0.08 per FT Unit to raise total proceeds of up to $1,000,000. Each FT Unit will consist of one (1) Common Share issued on a "flow-through" basis as defined in the Income Tax Act (Canada) and one-half of one (1/2) non-flow-through Warrant. Each whole Warrant shall be exercisable into one (1) Common Share at a price of $0.12 until one (1) year from the date of closing.
Each Warrant (whether issued as part of the Units or the FT Units) 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 $0.12 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 Offering will be used primarily for additional diamond drilling on the East Breccia copper-molybdenum project in Ontario and the Gordon Lake gold project located in the NWT, Canada and for general working capital purposes.
A finder's fee of up to 9% of the gross proceeds of the Offering may be paid in cash on all or any part of the Offering. Additionally, finder's warrants exercisable into Common Shares of Boxxer may be issued in an amount up to 9% of the number of Units and FT Units sold under the Offering. The finder's warrants will be exercisable into Common Shares at a price of $0.07 per Common Share for a period of one year from the date of issuance of the finder's warrants.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource corporation focused on the exploration of the Boss and Buena Vista copper projects in the state of Nevada, the DOK copper-gold porphyry property in Northwest B.C., and the East Breccia copper-silver-molybdenum property in Ontario. Boxxer also has the Crescent Peak gold-silver project in Nevada and 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 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. There is no certainty that the proposed financing will be completed or that the proposed exploration drilling will intersect significant mineralization. For any forward-looking information given, Management has assumed that the results it has received and the interpretation thereof are reliable, and has applied geological and geophysical interpretation methodologies which are consistent with industry standards. Although Management has a reasonable basis for any conclusions drawn, actual results may differ materially from those currently anticipated in such forward-looking statements. Additional 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 Boxxer's disclosure documents on the SEDAR website at www.sedar.com. 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 Gold Corp
Tel: 403-264-4811 ext. 203
Boxxer Gold Corp
John L. Maslanyk
V.P. & Chief Information Officer
Toll Free: 1-888-479-3596
Macam Investor Relations
President & CEO