October 21, 2021, Vancouver, British Columbia – Happy Creek Minerals Ltd. (TSX-V: HPY) (“Happy Creek” or the “Company”) is pleased to announce that the previously announced non-brokered private placement (see the Company’s news release dated September 1, 2021) the “Private Placement” has closed on a total of 1,680,000 common shares at a price of $0.05 per share.
In connection with the closing of the Private Placement, the Company paid Odlum Brown Limited $600.00 in cash and 12,000 finder’s warrants. Each finder’s warrant is exercisable into one common share of the Company at an exercise price of $0.06 per share up to close of business on October 20, 2024.
All common shares issued under the Private Placement will be subject to a hold period expiring on February 21, 2022, in accordance with applicable Canadian securities laws.
In connection with the Private Placement, the Company issued common shares to persons that are directors or senior officers of the Company. The Company has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”) are available for the issuance of the common shares to these related parties. The Company relied on Section 5.5(c) of MI 61-101 for an exemption from the formal valuation requirement on the basis that the transaction was a distribution of securities for cash, and Section 5.7(1)(b) of MI 61-101 for an exemption from the minority approval requirement as the fair market value of the transaction was not more than $2,500,000.
In addition, the Company has issued 1,500,000 options to certain officers, directors and other eligible persons of the Company. The options are exercisable over a period of five years at a price of $0.07 per share.
On behalf of the Board of Directors,
“Peter Hughes”
Peter Hughes
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Peter Hughes, President and Chief Executive Officer
Office: Phone: (604) 662-8310
Email: phughes@happycreekminerals.com Walter Segsworth, Executive Chair
Email: wsegsworth@happycreekminerals.com
