Hudson River Minerals Ltd.: Corporate Update
Hudson River Minerals Ltd.
TSX VENTURE :
HRM
August 08, 2013 17:34 ET
Hudson River Minerals Ltd.: Corporate Update
TORONTO, ONTARIO--(Marketwired - Aug. 8, 2013) - Hudson River Minerals Ltd. ("Hudson River" or the "Company") (TSX VENTURE:HRM) announces the filing of the Company's December 31, 2012 audited financial statements, the first quarter ending March 31, 2013 and the second quarter ending June 30, 2013 financial statements. With the filing of these statements, the Company will be making an application to the securities regulators in British Columbia, Alberta and Ontario to have the current Cease Trade Order revoked. The Company is also seeking approval for the re-instatement of trading of the Company's shares on the TSXV Venture Exchange.
Hudson River would also like to announce the appointment of Andrew Lindzon to the Board of Directors subject to final TSX Venture approval.
The Company further announces that upon the revocation of the current Cease Trade Orders and reinstatement of trading on the TSXV, it intends to complete a proposed non-brokered private placement offering of up to 75,000,000 units (each a "Unit") at $0.005 per Unit for gross proceeds of up to $375,000 (the "Offering"). Each Unit will be comprised of one common share and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one common share at an exercise price of $0.05 per share during the first year following the date of closing of the Offering, or at a price of $0.10 from the second through to the end of the fifth year following the date of the closing of the Offering.
The proceeds of the offering will be used to settle Company debt and for general working capital purposes.
The securities issued pursuant to the Offering will all be subject to a four month regulatory hold period commencing from the date of closing. The Offering remains subject to TSX Venture Exchange acceptance of requisite regulatory filings.