Business
Boxxer Closes $275,000 Private Placement
Boxxer Closes $275,000 Private Placement
About this update from Exgen Resources Inc.
[{"type":"text","content":"\n\n\n\nSep. 17, 2009 (Canada NewsWire Group) -- CALGARY, Sept. 17 /CNW/ -- Boxxer Gold Corp. (TSX-V:BXX) (\"Boxxer\" or the \"Corporation\") today announced the closing of its $275,000 non-brokered private placement consisting of 5,500,000 Units at $0.05 per Unit for gross proceeds of $275,000. Each Unit consisted of one common share in the share capital of Boxxer (\"Common Share\") and one-half Common Share purchase warrant (\"Warrant\"). Each full Warrant shall be exercisable for 12 months from the date of issuance into one Common Share at a price of $0.10 per Common Share. The private placement was increased to total gross proceeds of $275,000 from $250,000 as originally disclosed in the news release dated August 27, 2009. These securities are issued with a four month hold period expiring on January 18, 2010. Five insiders participated in the private placement for total gross proceeds of $203,000. The Corporation has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of these Units (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More than 25% of market Capitalization). No new insiders were created as a result of this private placement. The Company will use the proceeds to augment funds for its exploration programs and for general working capital.Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange) acceptresponsibility 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. For any forward looking information given, management has applied geological interpretation methodologies which are consistent with industry standards. Although management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in su...