TORONTO, July 28 /CNW/ – Hudson River Minerals Ltd. (“Hudson River” or the “Company”) is pleased to announce it has signed a Definitive Agreement with the RRS Syndicate for the purchase of the Glenrock Gold Prospect (“Glenrock”) located approximately 70 kilometres north of Sault Ste. Marie, Ontario. Hudson River has acquired a 100% interest in Glenrock for 2.1 million Hudson River shares, a 1.5% Net Smelter Return (NSR) and a cash payment of $15,000. The RRS Syndicate has also completed a staking program to include additional claims around the known mineralization. All claims will be conveyed 100% in the name of Hudson River and represent a contiguous area of 2,515 Ha.
Hudson River has also closed the third and final tranche of a non-brokered private placement of units issued on a flow-through basis (“Flow-Through Units”) at a price of $0.15 (Canadian) per unit (the “Offering”) for gross proceeds of $908,250 for a total of 6,054,997 Flow-Through Units issued.
Each Flow-Through Unit sold under the Offering consists of one common share in the capital of the Company issued as a “flow-through share” (a “Flow-Through Share”) and one-half of one non-flow-through non-transferrable common share purchase warrant (a “Warrant”). Each whole Warrant comprised within each Flow-Through Unit is exercisable into one common share of the Company (a “Warrant Share”) at an exercise price of $0.30 (Canadian) per Warrant Share to the extent such Warrant or a portion thereof is exercised at any time prior to 5:00 p.m. (Toronto time) on July 8, 2012.
Finders used to source subscribers were paid a commission of 5% of the total gross proceeds, payable in cash or common shares, for a total commission of CDN$30,637.50 and 98,500 common shares. Proceeds from the private placement will be used to explore Hudson River's 100% owned McFaulds Lake and Glenrock Prospects.
Hudson River is focused on the discovery of nickel, copper and platinum group element (Ni-Cu-PGE) deposits, volcanogenic massive sulphide (VMS) deposits and precious metals. The management team has experience exploring in areas with no geologic outcrop and that rely heavily on geophysical technologies for discovery.
This document may contain forward-looking statements relating to Hudson River’s operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Hudson River’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Hudson River disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.