RE: Full copy of May 16 News
Hudson River completes $231,370 private placement
2012-05-16 17:27 ET - News Release
Mr. Stephen Balch reports
HUDSON RIVER CLOSES FINANCING, COMPLETES DRILL PROGRAM AT FORGE LAKE AND PROVIDES CORPORATE UPDATE
Hudson River Minerals Ltd. has closed a brokered private placement with Macquarie Private Wealth Inc. that was previously announced on Feb. 24, 2012.
The company sold a total of 450,000 common shares on a flow-through basis at a price of eight cents per flow-through share and 3,005,686 non-flow-through units at a price of 6.5 cents per non-flow-through unit for total gross proceeds of $231,370. Each non-flow-through unit consisted of one non-flow-through common share and one non-flow-through common share purchase warrant, where each warrant is exercisable into one common share of the company at a price of 15 cents at any time prior to 5 p.m. on Nov. 15, 2013.
An agent's commission in the amount of $14,320.87 was paid to the agent with respect to the sale by the company of flow-through-share and non-flow-through-unit subscriptions placed by the agent. The company also issued 215,648 broker warrants to the agent with respect to the sale by the company of flow-through shares and non-flow-through units that were placed by the agent. Each broker warrant is exercisable into one common share at a price of 15 cents at any time prior to 5 p.m. on Nov. 15, 2013.
Completion of the offering is subject to final regulatory approval. The proceeds from this financing will be used to advance Hudson River's exploration projects in Ontario, primarily the Forge Lake project, and for general corporate expenses.
Forge Lake drilling completed
Hudson River also announces the completion of drilling at Forge Lake. Twelve holes were completed for a total of 1,200 metres. In total 279 assays were collected and sent to ALS Canada for analysis. A more detailed press release on the drilling results will be issued when the assay results are received, expected to be in next 30 to 45 days.
Corporate update
The company has appointed Martin Bernholtz and Robert Seguin to the audit committee, joining Morley Salmon as part of the independence and competence requirements of the TSX Venture Exchange. Mr. Bernholtz (chartered accountant) will serve as chair of the audit committee.
Hudson River has also approved the granting of a total of 3.5 million stock options to various insiders, directors and consultants of the company. The options will be exercisable into common shares of Hudson River at an exercise price of 10 cents per share for a period of five years from the date of grant.