Hunter Bay Minerals Announces Proposed Private Placement Financing
LONDON, UNITED KINGDOM -- (Marketwire) -- 06/22/12 -- Hunter Bay Minerals plc ("Hunter Bay") (TSX VENTURE: HBY)(OTCQX: HTBNF) is pleased to announce that its board of directors have approved a proposed private placement offering of up to 10,000,000 units at a price of $0.20 per unit for gross proceeds of $2,000,000 (the "Offering"). Each unit will consist of one ordinary share ("Share") and one-half of one share purchase warrant ("Warrant"), with each whole Warrant entitling the holder to acquire one additional Share at a price of $0.40 per Share for a period of 18 months following the date of issue of the Warrants. Hunter Bay will have the right to accelerate the expiry date of the Warrants if the volume weighted average price of the Shares exceeds $0.60 per Share for 10 consecutive trading days.
Subject to TSX Venture Exchange approval, Hunter Bay will pay finders a fee consisting of cash and warrants from the proceeds of the proposed Offering.
Proceeds of the Offering will be used to fund Hunter Bay's drill program on its Sela Creek Project as well as for general working capital and corporate purposes.
Closing of the proposed Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Hunter Bay's securities in the United States.
About Hunter Bay
Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in South America and Canada. Hunter Bay's lead project is the Sela Creek Project, located in Suriname, which Hunter Bay has an option to acquire up to an eight percent (80%) interest. Hunter Bay also owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake NWT and has a thirty percent (30%) interest in the net profits of the Fortuna Project located approximately 400 kilometers southeast of Quito, Ecuador.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Hunter Bay cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hunter Bay's control. Such factors include, among other things: risks and uncertainties relating to Hunter Bay's ability to complete the sale of any securities under the offerings and to obtain TSX Venture Exchange approval of the offerings. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Hunter Bay undertakes no obligation to publicly update or revise forward-looking information.
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.
Hunter Bay Minerals plc
CEO and President