Huldra Silver Inc.
TSX VENTURE : HDA

Huldra Silver Inc.

October 23, 2012 14:47 ET

Huldra Silver Announces Closing of Third Tranche and Closing of Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2012) -

NOT FOR DISTRIBUTION TO THE UNITED STATES WIRE SERVICES OR DISSEMINATION IN OR INTO THE UNITED STATES.

Huldra Silver Inc. (TSX VENTURE:HDA) ("Huldra" or the "Company") is pleased to announce that it has completed the third tranche of its previously announced private placement financing (the "Financing"), as described in its press releases dated September 17, October 1, 2012 and October 12, 2012, pursuant to which it has issued an aggregate of 815,400 units (each, a "Unit") for aggregate gross proceeds of $1,100,790.00. Each Unit consisted of one common share (each, a "Share") and one half of one Share purchase warrant (with each whole warrant being, a "Warrant"). Each Warrant is exercisable into one Share at a price of $1.75 per Share for six months from the date of issuance. The Financing closed in various tranches between September 26, 2012 and October 22, 2012, for aggregate gross proceeds of $5,448,060.00.

In connection with the closing of the third tranche of the Financing, the Company paid aggregate cash commissions of $86,443.20 and issued an aggregate of 64,032 finder's warrants, with each finder's warrant exercisable into one Share at a price of $1.35 per Share for a period of 12 months from the date of issuance.

The proceeds from the sale of the Financing will be used to increase the mill inventory from the Treasure Mountain Mine, to develop the Company's infrastructure, for debt repayment and for general working capital purposes.

All securities issued in connection with the Financing will be subject to a statutory four month hold period. None of the securities sold in connection with the Financing will be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

On behalf of the Board of Directors of HULDRA SILVER INC.

Ryan Sharp, MBA, President, CEO & Director

Neither the 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.

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