Happy Creek Closes First Tranche of Its Previously Announced Non-Brokered Private Placement

2024-09-19 / @thenewswire

(TheNewswire)

September 19, 2024, Vancouver, British Columbia – TheNewswire – Happy Creek Minerals Ltd. (TSX-V: HPY) (“Happy Creek” or the “Company”) is pleased to announce it has closed the first tranche (the “First Tranche”) of its non-brokered private placement (the "Private Placement") as previously announced August 20, 2024.

In connection with closing the First Tranche, Happy Creek issued 9,000,000 units (each, a “Unit”) at a price of $0.05 per Unit for aggregate gross proceeds of $450,000. Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one non-transferable Common Shares purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one Common Share at a price of $0.075 per Common Share for a period of 24 months from the date of issuance.

The Company plans to use the proceeds of the First Tranche to complete exploration work on its Cariboo and Highland Valley projects as well as for general corporate working capital purposes.

Directors, management and insiders purchased an aggregate 2,600,000 Units, representing approximately 28.9% of the total number of Units sold in the First Tranche, with the associated common shares representing approximately 1.8% of the then outstanding shares as of the closing (and if the associated warrants are exercised, an aggregate of 5,200,0000 common shares representing approximately 3.5% of the then outstanding shares as of the closing). The purchase of such Units shall be considered to be a related-party transactions under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) due to the participation of certain directors and officers of the Company, but shall be exempted from the requirements to obtain a formal valuation and to obtain minority approval pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the purchase of securities shall not exceed 25% of the Corporation’s market capitalization.

Securities issued pursuant to the First Tranche will be subject to a statutory hold period of 4 months from the date of issue, ending on January 19, 2025. In connection with the closing, the Company paid $14,700 and has issued 294,000 broker warrants having the same terms as the Warrants, in payment of finder fees.

The final closing of the remaining $50,000 of the announced Private Placement is dependent on the TSX.V approval of a Personal Information Form (“PIF”) for the investor. The Company intends to close the remainder of the Private Placement as soon as the investor's PIF is approved.

Subject to the clearance of the aforementioned PIF and filing of final documentation by the Company, the Private Placement has been accepted for filing by the TSX.V Exchange.

On behalf of the Board of Directors,

“Jason Bahnsen”

President and Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Jason Bahnsen

Email: info@happycreekminerals.com

About Happy Creek Minerals Ltd.

Happy Creek is focused on making new discoveries and building resources in proximity to infrastructure on the Company’s 100-percent-owned portfolio of diversified metals projects in British Columbia.

Projects include the Highland Valley Project, adjacent to Teck’s Highland Valley Copper Mine that has been in continuous production for over 60 years, the high-grade Fox Tungsten deposit, the Silverboss molybdenum-copper-gold-silver project adjacent to Glencore’s closed Boss Mountain molybdenum mine and the adjacent Hen-Art-DL gold and silver project.

Happy Creek is committed to responsible mineral resource development. The Company’s priority is to build and sustain mutually beneficial relationships with Indigenous Communities in the territories in which the Company explores.

Additional information relating to Happy Creek Minerals Ltd. may be obtained or viewed on the SEDAR+ website at www.sedar.com or on the Company’s website at www.happycreekminerals.com.

Forward Looking Statement

Neither the 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.

This press release contains "forward-looking information" within the meaning of applicable securities laws, including statements that address capital costs, recovery, grade, and timing of work or plans at the Company’s mineral projects. Forward-looking information may be, but not always, identified by the use of words such as "seek", "anticipate", “foresee”, "plan", "planned", "continue", "expect", “thought to”, "project", "predict", "potential", "targeting", "intends", "believe", “opportunity”, “further” and others, or which describes a goal or action, event or result such as "may", "should", "could", "would", "might" or "will" be undertaken, occur or achieved. Statements also include those that address future mineral production, reserve potential, potential size or scale of a mineralized zone, potential expansion of mineralization, potential type(s) of mining, potential grades as well as to Happy Creek’s ability to fund ongoing expenditure, or assumptions about future metal or mineral prices, currency exchange rates, metallurgical recoveries and grades, favourable operating conditions, access, political stability, obtaining or renewal of existing or required mineral titles, licenses and permits, labour stability, market conditions, availability of equipment, accuracy of any mineral resources, anticipated costs and expenditures. Assumptions may be based on factors and events that are not within the control of Happy Creek and there is no assurance they will prove to be correct. Such forward-looking information involves known and unknown risks, which may cause the actual results to materially differ, and/or any future results expressed or implied by such forward-looking information. Additional information on risks and uncertainties can be found within Financial Statements, Prospectus and other materials found on the Company’s SEDAR profile at www.sedar.com. Although Happy Creek has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Happy Creek withholds any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by law.