CALGARY,
Feb. 19, 2014 /CNW/ - Boxxer Gold
Corp. (TSX Venture: BXX; OTC: BXXRF) ("Boxxer" or
the "Corporation") is pleased to announce that it has closed
an initial tranche of $325,000 of
units ("Units") in the non-brokered private placement (the
"Offering") previously announced on December 11, 2013.
Financing:
The first tranche closing of the Offering consisted of 6,500,000
Units a price of $0.05 per Unit and
raised total proceeds of $325,000, of
which insiders purchased $172,500 of
Units. Each Unit consisted of one Common Share in the share
capital of Boxxer and one Common Share purchase Warrant
("Warrant"). Each Warrant is exercisable into
one Common Share at a price of $0.05
until five (5) years from the date of closing. Each Warrant
is subject to accelerated expiry provisions such that if any time
after the completion of the Offering the closing price of the
Common Shares on the TSX Venture Exchange is at least $0.10 per Common Share for 15 consecutive days,
the Corporation may give notice to the holders that each warrant
will expire 15 business days from the date of providing such
notice. The proceeds of the Unit Offering will be used
primarily for general working capital purposes. No finders
fee was paid on this tranche of the private placement. The
Units issued in connection with this tranche of the Offering will
be subject to a four month and 1 day hold period that expires on
June 20, 2014. It is
anticipated that there may be a second tranche closing of the
Offering later in February.
The completion of the Offering is subject to
final TSX Venture Exchange approval. Three directors and one
officer of Boxxer participated in the Offering purchasing a total
of 3,450,000 Units and Boxxer has determined that there are
exemptions available for the various requirements of TSX Venture
Policy 5.9 and Multilateral Instrument 61-101 for the issuance of
these Units (Formal Valuation - Issuer Not Listed on Specified
Markets; Minority Approval - Fair Market Value Not More Than
$2,500,000). No new insiders
were created, nor any change of control occurred, as a result of
this Offering.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource company involved in the
exploration for large polymetallic copper deposits in North America. Boxxer's active projects
include the Boss and Buena Vista copper projects in the state of
Nevada, the Empire
copper-gold-silver property in Idaho, the DOK copper-gold porphyry property
in Northwest B.C., and the East Breccia copper-silver-molybdenum
property in Ontario. Boxxer
also has the Gordon Lake gold project located 110 kilometres north
of Yellowknife NWT, Canada.
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.
Forward-Looking Information: This
news release may contain certain forward-looking information.
All statements included herein, other than statements of historical
fact, are forward-looking information and such information involves
various risks and uncertainties. In particular, this news
release contains forward-looking information regarding the use of
proceeds of the Offering and a potential second tranche closing of
the Offering. There can be no assurance that such
forward-looking information will prove to be accurate, and actual
results and future events could differ materially from those
anticipated in such forward-looking information. This
forward-looking information reflects Boxxer's current beliefs and
is based on information currently available to Boxxer and on
assumptions Boxxer believes are reasonable. These assumptions
include, but are not limited to: final TSX Venture Exchange
approval of the Offering, future costs and expenses being based on
historical costs and expenses, adjusted for inflation and market
demand for, and market acceptance of, the Offering.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
levels of activity, performance or achievements of Boxxer to be
materially different from those expressed or implied by such
forward-looking information. Such risks and other factors may
include, but are not limited to: general business, economic,
competitive, political and social uncertainties; capital market
conditions and market prices for securities and junior market
securities; the actual results of Boxxer's business operations
including its exploration operations; natural resource company
market conditions and the market conditions of the natural resource
industry in general; competition; changes in legislation, including
environmental legislation, affecting the Boxxer; timing and
availability of external financing on acceptable terms; and lack of
qualified, skilled labour or loss of key individuals. A description
of additional assumptions used to develop such forward-looking
information and a description of additional risk factors that may
cause actual results to differ materially from forward-looking
information can be found in Boxxer's disclosure documents on the
SEDAR website at www.sedar.com. Although Boxxer has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. Accordingly,
readers should not place undue reliance on forward-looking
information. Boxxer does not undertake to update any
forward-looking information except in accordance with applicable
securities laws.
SOURCE Boxxer Gold Corp.