TORONTO, July 8 /CNW/ - Hudson River Minerals Ltd. ("Hudson River" or the "Company") is pleased to announce it has undertaken a non-brokered private placement of 3,333,333 units of Hudson River issued on a flow-through basis (the "Flow-Through Units") at a price of $0.15 (Canadian) per Flow-Through Unit for gross proceeds of up to $500,000 (the "Offering"), with an option to increase the size of the Offering by an additional 3,333,333 Flow-Through Units in the event the Offering is over-subscribed (the "Over-Subscription Option") for an aggregate of up to 6,666,666 Flow-Through Units for total gross proceeds amounting to up to $1,000,000. Each Flow-Through Unit sold under the Offering and the Over Subscription Option (collectively, the "Private Placement") consists of one common share in the capital of the Company issued as a "flow-through share" (a "Flow-Through Share") and one-half of one non-flow-through non-transferrable common share purchase warrant (a "Warrant"). Each whole Warrant comprised within each Flow-Through Unit is exercisable into one common share of the Company (a "Warrant Share") at an exercise price of $0.30 (Canadian) per Warrant Share to the extent such Warrant or a portion thereof is exercised at any time prior to 5:00 p.m. (Toronto time) on the date that is 24 months from the closing date of the Private Placement.
Hudson River is pleased to announce that the Private Placement has been over-subscribed and that it has closed the first tranche of the Private Placement with aggregate subscriptions equal to 3,859,999 Flow-Through Units for aggregate gross proceeds of $579,000.
Finders used to source subscribers pursuant to the Private Placement will received a commission of no more than 5% of the gross proceeds received from the sale of Flow-Through Units as a result of the efforts of the Finder, which commission may be paid in cash, common shares or a combination of cash and common shares as the Finder and the Corporation agree, which common shares shall be issued at a price of $0.15 per common share.
Hudson River is also pleased to announce that is has signed a Memorandum of Agreement (MOA) with the RRS Syndicate to acquire a 100% interest in certain gold claims in Northern Ontario. Subject to regulatory approval and upon completion of a definitive Agreement of Purchase and Sale, the Company will acquire the gold claims of RRS Syndicate in exchange for 2,100,000 common shares of Hudson River. The details of the definitive Agreement of Purchase and Sale will be outlined in a future press release.
Hudson River will use the proceeds from the Flow-Through Units issued pursuant to the Private Placement for the exploration and development of its mineral properties in Ontario.
About Hudson River Minerals Ltd.
Hudson River is focused on the discovery of nickel, copper and platinum group element (Ni-Cu-PGE) deposits, volcanogenic massive sulphide (VMS) deposits and precious metals. The management team has experience exploring in areas with no geologic outcrop that rely heavily on geophysical technologies for discovery. For more details on Hudson River's properties see the National Instrument 43-101 technical report, which is available at www.sedar.com.
This document may contain forward-looking statements relating to Hudson River's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Hudson River's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. 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.
SOURCE HUDSON RIVER MINERALS LTD.
For further information: For further information: Hudson River Minerals Ltd., Stephen J. Balch, President and CEO, Tel: (905) 407-9586, Email: firstname.lastname@example.org