Happy Creek Minerals Ltd. (TSX-V:HPY, OTC:HPYCF) said on Wednesday it had increased the size of its previously announced non-brokered private placement to C$3.75 million, following strong investor demand.
The financing includes charity flow-through units priced at C$0.07 and non-flow-through units at C$0.05, the Canadian junior miner said in a statement.
Proceeds will be used to advance exploration and drilling at the company’s Fox Tungsten Project and other properties in British Columbia’s Cariboo region, as well as for general working capital.
Under the terms of the offering, each flow-through unit will consist of one flow-through share and half a warrant, while each non-flow-through unit includes one common share and half a warrant. Each full warrant will entitle the holder to buy one common share at C$0.07 for five years.
The flow-through shares will allow investors to benefit from tax deductions under Canada’s Income Tax Act. The company expects to incur eligible exploration expenditures by the end of 2026 and renounce the tax benefits to initial investors by December 2025.