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Happy Creek Minerals Ltd. Announces Additional $750,000 financing With The MineralFields Group
Happy Creek Minerals Ltd. Announces Additional $750,000 financing With The MineralFields Group
About this update from South Atlantic Gold, Inc.
[{"type":"text","content":"\nHappy Creek Minerals Ltd. Announces Additional $750,000 financing With The MineralFields Group\n\n\n Jul. 19, 2010 (TheNewswire.ca) -- July 19, 2010 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (OOTC:HPYCF) (TSXV:HPY) (TSX-V: HPY, or the \"Company\") is pleased to announce that it has negotiated a non-brokered private placement of up to $750,000 through the sale of up to 2,307,692 flow-through units at a price of $0.325 per unit to the MineralFields Group. Each flow-through unit will consist of one flow-through common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional non-flow-through common share of the Company for a period of 24 months from closing at an exercise price of $0.45 in the first 12 months and $0.50 thereafter. A cash finder's fee equal to 7% of the gross proceeds raised in the private placement will be payable to First Canadian Securities.\"We are very pleased to continue our relationship with MineralFields Group\", said David Blann, President and CEO. \"This financing is the second with MineralFields Group as we continue to develop and advance our projects in the Highland Valley and Cariboo regions of B.C., respectively. Proceeds will be used to continue geology and drilling on our Highland Valley area properties, and geology, geochemical surveys, trenching and drilling on our Cariboo properties located northeast of 100 Mile House, B.C.\".Upon final acceptance of the completed financing by the TSX Venture Exchange, the Company will have approximately $2.3 million in working capital.The Company also wishes to announce it has completed its earn-in for a 100% interest on the Gus property that adjoins the Company's Silverboss property and Xstrata's Boss Mountain molybdenum mine property, northeast of 100 Mile House, B.C. The Company now owns a 100% interest in over 152 square kilometres of mineral tenures surrounding the former Boss Mountain mine, a significant past-producer, and located approximately 25 kilometres southeast of Fjordland's Woodjam-Southeast copper-molybdenum-gold discovery. In addition, the Company has completed its earn-in for a 100% interest into the Grey property that adjoins the Company's Hawk copper-gold property located northeast of 100 Mile House, B.C. The Hawk property is currently under a JV agreement with Jiulian Resources Inc...