TORONTO, July 16 /CNW/ - Hudson River Minerals Ltd. ("Hudson River" or the "Company") is pleased to announce it has closed a second tranche of a non-brokered private placement of units (the "Offering") of Hudson River issued on a flow-through basis (the "Flow-Through Units") at a price of $0.15 (Canadian) per Flow-Through Unit raising gross proceeds of $248,250 for the issuance of the aggregate of 1,654,998 Flow-Through Units of the Company.
Each Flow-Through Unit sold under the Offering 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 July 8, 2012.
Finders used to source subscribers pursuant to the Private Placement will receive 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.
The total Finder's fee commission to be paid pursuant to the first and the second tranche of the Offering is $26,587.50 in cash and 98,500 in common shares.
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