Apr. 19, 2010 (Filing Services Canada) -- Boxxer Gold Corp. (BXX - TSX Venture), today announced it has closed the final oversubscribed tranche of its non-brokered private placement with the sale of $509,700 of Units as the final tranche resulting in aggregate gross proceeds from the four tranches of $1,100,000. As was first announced on January 27, 2010, the aggregate gross proceeds of the private placement was increased from $1,000,000 to $1,100,000. The private placement is subject to final TSX Venture Exchange approval.
On this final tranche, Boxxer issued 5,097,000 Units at $0.10 per Unit for gross proceeds of $509,700. In the first three tranches, 5,903,000 Units were sold for gross proceeds of $590,300. The total number of Units sold on all four tranches was 11,000,000 Units for aggregate gross proceeds of $1,100,000. Each Unit consists of one common share in the share capital of Boxxer ("Common Share") and one-half of a Common Share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase one (1) common share in the share capital of the Corporation (a "Warrant Share") at a price of $0.12 prior to the date that is six (6) months from the date of the issuance of the Units (the "First Exercise Period"), and at a price of $0.15 at any time after the First Exercise Period and prior to the date that is twelve (12) months from the date of issuance of the Units. These securities were issued with a four month hold period expiring on August 20, 2010. A finder's fee was paid to Union Securities Ltd. for the final tranche of Units sold, consisting of $16,000 in cash, and 200,000 finder's warrants, such finder's warrants exercisable into Units on the same terms as the investor Units. The proceeds of the private placement will be used primarily for follow-up exploration of the recently identified geophysical targets, additional interpretation of geophysical data, as well as for general working capital purposes.
Boxxer Gold Corp
Elmer B. Stewart
President & Chief Executive Officer
Tel: 1-403-264-4811
Cel: 1-403-680-9584
e-mail: elmerbstewart@hotmail.com
Boxxer Gold Corp
John L. Maslanyk
Vice President & Chief Information Officer
Tel: 1-403-804-2251
Toll Free:1-888-479-3696
e-mail: jmaslanyk@yahoo.ca
CHF Investor Relations
Alison Tullis
Senior Account Manager
Tel: 1-416-868-1079 ext. 233
Fax: 1-416-868-6198
e-mail: alison@chfir.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility 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, is 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. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Source: Boxxer Gold Corp. (TSX-V: BXX) http://www.boxxergold.com
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