Business
Happy Creek Minerals Announces Closing of Non-Brokered Private Placement
November 20, 2020 - TheNewswire - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSXV:HPY) ("Happy Creek" or the "Company") is pleased to announce tha
About this update from Fox Tungsten Ltd.
[{"type":"text","content":"November 20, 2020 - TheNewswire - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSXV:HPY) (\"Happy Creek\" or the \"Company\") is pleased to announce that the previously announced non-brokered private placement (see the Company's news releases dated October 28, 2020 and October 30, 2020) (the \"Private Placement\") has closed on a total of 2,777,743 non-flow through units at a price of $0.09 per unit and 14,195,000 flow-through units at a price of $0.10 per flow-through unit. Each Unit consists of one common share and one share purchase Warrant. Each whole Warrant entitles the holder to purchase one common share of the Company at an exercise price of twelve cents per share up to close of business on November 19, 2023. In connection with the closing of the private placement, the Company paid the following finder's fees: Odlum Brown $4,733.33 in cash and 47,333 finders warrants, Canaccord Genuity (Vancouver) $32,100.00 in cash and 321,000 finders warrants, Pollitt & Co. Inc. $3,900.00 in cash and 39,000 finders warrants, PowerOne Capital Markets Limited $6,000.00 in cash and 60,000 finders warrants and 555,556 common shares and 555,556 finders warrants to Canaccord Genuity (Toronto) as an advisory fee. Each broker's warrant is exercisable into one common share of the Company at an exercise price of twelve cents per share up to close of business on November 19, 2023. The net proceeds of $1,495,000.00 from the sale of flow-through shares will be used to conduct mineral exploration work that qualifies as Flow Through Exploration Expense under the Income Tax Act (Canada), and the remaining $250,000 will be used for general working capital and additional engineering, development and advanced permitting work contemplated by the Company. Exploration expenditures will be primarily focused on the Company's 100% owned, 198 square kilometre Fox tungsten property and the Highland Valley copper property. All common shares issued under the Private Placement will be subject to a hold period expiring on March 20, 2021, in accordance with applicable Canadian securities laws. In connection with the Private Placement, the Company issued 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 Multilater...