Or to U.S. Newswire Services Huldra Silver Announces Additional Closing of Offering
NOT FOR ISSUE IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES
HULDRA SILVER ANNOUNCES ADDITIONAL CLOSING OF OFFERING
Vancouver, British Columbia – July 24, 2012 – Huldra Silver Inc. (TSX-V:HDA) (“Huldra” or the “Company”) today announces that it has raised additional aggregate gross proceeds of $136,800 by way of a non-brokered private placement (the “Offering”) of 114,000 flow-through common shares (the “Flow-Through Shares”) at a price of $1.20 per Flow-Through Share.
The Company paid a finder’s fee consisting of a cash commission equal to 8.0% of the gross proceeds raised under the Offering and the issuance of that number of non- transferable broker warrants (the “Broker Warrants”) equal to 8.0% of the number of Flow-Through Shares sold pursuant to the Offering. The Broker Warrants are exercisable into one common share of the Company at $1.08 per share for two years.
The aggregate gross proceeds from the Offering will be used to advance the Treasure Mountain project towards production, for resource exploration, for debt repayment and for general working capital purposes. The gross proceeds received by the Company from the sale of the Flow-Through Shares will be used to incur eligible Canadian Exploration Expenses for purposes of the Income Tax Act (Canada) and an amount equal to such gross proceeds will be renounced in favour of the holders with an effective date of no later than December 31, 2012.
The securities sold under the Offering will be subject to a hold period of four months and one day under Canadian securities laws and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the securities in any state where such offer, solicitation, or sale would be unlawful.
The Company may complete additional issuances of common shares or Flow-Through Shares. Any issuances on a non-brokered basis may be subject to additional approval of the TSX Venture Exchange.
About Huldra
Huldra is currently working on plans to put its Treasure Mountain Mine, located three hours east of Vancouver, BC, into development, subject to permitting and financing, utilizing a mill being constructed at the Company’s mill property outside of Merritt, BC. The Company is also actively assessing other opportunities for acquisition and development.
On behalf of the Board of Directors of
HULDRA SILVER INC.
“Ryan Sharp”
Ryan Sharp, MBA President, CEO & Director
For additional information contact:
Ryan Sharp at 604-647-0142 [email protected] [email protected] www.huldrasilver.com
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events related to the Offering, tax treatment of the Flow-Through Shares and the Company’s ability to meet its obligations under the Agency Agreement, including: (i) the ability of the Company to incur eligible expenditures for “flow-through” tax treatment of the Flow-Through Shares and the likelihood of such expenditures being incurred; (ii) the ability of the Company to renounce such expenditures in favour of the holders of the Flow-Through Shares and the likelihood of the Company renouncing such amount; and (iii) statements regarding the use of proceeds of the Offering. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements, including: a downturn in general economic conditions in North America and internationally and other factors beyond the Company’s control. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
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