Happy Creek Completes $1,645,500 Second Tranche of Private Placement
Happy Creek Completes $1,645,500 Second Tranche of Private Placement
July 12, 2017 – Vancouver, British Columbia – Happy Creek Minerals Ltd. (TSX-V:HPY,
the “Company”) is pleased to announce the completion of the second tranche of its non-
brokered financing on July 10, 2017, which was initially announced May 30th 2017.
The Company has completed the second tranche of a non-brokered private placement for
gross proceeds of $1,645,500 through the sale of 2,150,000 common shares at a price of
$0.20 per share and 4,675,000 flow-through shares at a price of $0.26 per flow-through
share. The shares will be subject to resale restrictions until November 8, 2017.
The Company completed the first tranche of the non-brokered private placement on July 5,
2017 and has raised aggregate proceeds of $3,013,707 through the sale of a total of
6,240,035 common shares at a price of $0.20 per share and 6,791,153 flow -through
shares at a price of $0.26 per flow-through share.
The proceeds from the sale of flow -through shares will be used to incur qualified
exploration expenses in accordance with Canadian Income Tax provisions and together
with proceeds of the sale of non- flow through shares, will be used to conduct primarily
trenching and drilling on the Company’s Fox tungsten property, B.C. and for general
working capital.
A finder’s fee to qualified agents is payable in connection with the second tranche of the
financing totalling $ 58,310 in cash and 222,000 broker warrants. The aggregate finder’s
fee payable to qualified agents in connection with the first and second tranches total
$134,050 in cash and 524,171 broker warrants. Each broker warrant is exercisable into
one common share of the Company at a price of $0.30 for a period of two years.
In connection with the non-brokered private placement , the Company issued 765,035
common shares to persons that are directors or senior officers of the Company. The
Company has determined that exemptions from the various requirements of TSX Venture
Exchange Policy 5.9 and Multilateral Instrument 61- 101 (“MI 61-101”) are available for the
issuance of the common shares to the related parties. The Company relied on Section
5.5(c) of MI 61 -101 for an exemption from the formal valuation requirement on the basis
that the transaction is a distribution of securities for cash, and Section 5.7(b) of MI 61- 101
for an exemption from the minority approval requirement as the fair market value of the
transaction is not more than $2,500,000. The Company did not file a material change
report more than 21 days in advance of the closing of the Offering, which the Company
deems reasonable and necessary in the circumstances as the closing date of the Offering
had not been established at that time and the Company wished to complete the Offering in
an expeditious manner.
On behalf of the Board of Directors,
4187133.pp034_News Release - July 11, 2017
“David E Blann”
____________________
David E Blann, P.Eng.
President, CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
David Blann, President, CEO
Corporate Office:
Phone: 604.662.8310
Email: [email protected]
Website: www.happycreekminerals.com
Neither the 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.