Press release from TheNewswire.ca
Happy Creek Minerals Ltd. Announces $1,000,000 financing With The MineralFields Group
Wednesday, April 14, 2010
Happy Creek Minerals Ltd. Announces $1,000,000 financing With The MineralFields Group 14:00 EDT Wednesday, April 14, 2010(via Thenewswire.ca) April 14, 2010 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V: HPY, or the "Company") is pleased to announce that it has negotiated a non-brokered private placement of up to $1,000,000.00 through the sale of up to 3,076,923 flow-through units at a price of $0.325 per unit to the MineralFields Group. Each flow-through unit will consist of 1 flow-through common share and one non-transferrable share purchase warrant. Each warrant will entitle the holder to purchase one additional non-flow-through common share of the Company for a period of 24 months from closing at an exercise price of $0.45 in the first 12 months and $0.50 thereafter. A cash finder's fee equal to 7% of the gross proceeds raised in the private placement will be payable to First Canadian Securities. "We are very pleased to be entering into this relationship with MineralFields Group", said David Blann, President and CEO. "This is an important milestone for Happy Creek Minerals Ltd. and we look forward to working with MineralFields Group as we continue to develop our copper, molybdenum, tungsten and gold projects in the Highland Valley and Cariboo regions of B.C., respectively. Most of the proceeds will be used to advance by diamond drilling up to 5,000 metres the Rateria and West Valley copper properties in the Highland Valley". The drill and exploration team are scheduled to mobilize to the Company's 100 percent owned Highland Valley project April 22nd and drilling is expected to commence on April 24th, 2010. The Company also wishes to announce that it is in the process of closing its non-brokered private placement announced February 24th, 2010. Pursuant to the private placement the Company received gross proceeds of $266,800 through the issuance of 952,857 units at a price of $0.28 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant is exercisable at a price of $0.42 for a period of two years from closing. Upon final acceptance of these financings by the TSX Venture Exchange, the Company will have over $2.0 million in working capital. Happy Creek's 100 percent owned Highland Valley project, comprised of the West Valley and Rateria property totals over 140 square kilometres that adjoin the west and east side, respectively, of Canada's largest copper producer that is currently mining material grading approximately 0.34 percent copper. On the Rateria property, the Company has discovered by drilling two new zones containing potentially economic copper grades that remain undefined and open in extent. Drill results from Zone 2 have returned 177.0 metres grading 0.377 percent copper. In addition, drill core has returned 2.85 g/t rhenium, 1.38% copper, 0.010% molybdenum, and 7.1 g/t silver over 12.0 metres. Rhenium is a rare metal having a current price of around $6.0 per gram. Drill results from Zone 1 include 259 metres grading 0.17% copper, and 100.0 metres grading 0.29% copper. Both zones remain undefined and open in extent. David Blann, President, adds "We have discovered significant rhenium occurring with copper, molybdenum, gold and silver values that together with re-processing of geophysical data has provided new insight into the controls and nature of mineralization and underscores the significant potential of this project. With financing in place, our objective is to expand and define the mineralization in Zone 1 and 2, as well as drill test several new large scale targets that have strong indications for mineralization to occur. We will begin our exploration earlier this year, and plan to drill up to five thousand metres with 25 holes". About MineralFields, Pathway and First Canadian Securities � MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities � (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities � On behalf of the Board of Directors, "David E Blann" ____________________ David E Blann, P.Eng. President David Blann, P.Eng. is a Qualified Person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in the news release. FOR FURTHER INFORMATION PLEASE CONTACT: Corporate Office: Phone: 604.662.8310 Email: email@example.com Website: www.happycreekminerals.com Investor Relations:James Berard and Aaron KonkinPhone: 604-687-2767Toll free: 1-877-459-5507 Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release may contain statements that are forward looking and subject to risk and uncertainty more fully described in the Company's Prospectus, Financial Statements and Public Filings located on SEDAR. Copyright (c) 2010 Thenewswire.ca - All rights reserved.