Vancouver, British Columbia – Happy Creek Minerals Ltd. (TSX-V: HPY) (the “Company”) is pleased to announce that it has completed a private placement for gross proceeds of $2,004,500 (the “Offering”). Under the terms of the Offering, the Company issued 725,000 flow-through units at a price of $0.40 per unit (the “FT Units”) and 6,350,000 non flow-through units at a price of $0.27 per unit (the “NFT Units”).
Each FT Unit consisted of one flow-through common share of the Company, and one-half of one share purchase warrant (each whole warrant an “FT Warrant”). Each FT Warrant will entitle the holder to acquire one additional non flow-through common share of the Company at an exercise price of $0.45 per share for a period of two years following the closing of the Offering. Each NFT Unit will consist of one non flow-through common share of the Company, and one-half of one share purchase warrant (each whole warrant an “NFT Warrant”). Each NFT Warrant will entitle the holder to acquire one additional non flow-through common share of the Company at an exercise price of $0.35 per share for a period of two years following the closing of the Offering.
A cash finder’s fee equal to 8% of the gross proceeds of the Offering will be paid to PowerOne Capital Markets Limited (“PowerOne”) in connection with the Offering. In addition, the Company will issue PowerOne that number of finder’s warrants which is equal to 10% of the total number of units sold under the private placement (the “Finder’s Warrants”). Each Finder’s Warrant will entitle the holder to acquire one NFT Unit at a price of $0.27 for a period of two years from the closing date.
All of the securities are subject to a hold period expiring April 22, 2011. The proceeds from the private placement will be used for exploration work on the Company’s mineral properties and for general working capital.
FOR FURTHER INFORMATION PLEASE CONTACT:
David E. Blann, P.Eng.
President and CEO
Happy Creek Minerals Ltd.
Tel: 604-662-8310
Corporate Office:
Phone: 604.662.8310
Email: Info@happycreekminerals.com
Website: www.happycreekminerals.com
Investor Relations:
James Berard
Phone: 604-687-2768
Toll free: 1-877-459-5507
Neither 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.
