Happy Creek Minerals Ltd. (TSX-V:HPY, OTC:HPYCF) has announced a non-brokered private placement raising up to C$3.25 million, including a lead investment from funds managed by Waratah Capital Advisors.
The proceeds from the offering will be used for drilling, exploration, and development of the company’s Fox tungsten project, as well as other exploration projects in the Cariboo district of British Columbia. A portion of the funds will also be allocated to general working capital.
“We are delighted to announce this financing with lead participation by institutional investors, Waratah Capital,” Happy Creek CEO Jason Bahnsen said in a statement.
“Funds raised in this offering will be used to advance the Fox tungsten project in British Columbia, one of the highest-grade undeveloped tungsten projects globally. Happy Creek intends to begin a 10,000 metre drill program this exploration season focused on expansion of the project resource base.”
The offering will consist of charity flow-through units (FT units) priced at C$0.07 and non-flow-through units (NFT units) priced at C$0.05.
Each FT Unit will be comprised of one flow-through share and one half of a share purchase warrant. Each NFT Unit will consist of one share and one half of a share purchase warrant. Each whole warrant will be exercisable at a price of C$0.07 into one common share for a period of 60 months from the date of issue.