Hunter Bay Minerals Plc

June 17, 2013 12:27 ET

Hunter Bay Minerals Announces Proposed $500,000 Financing

LONDON, UNITED KINGDOM--(Marketwired - June 17, 2013) - Hunter Bay Minerals plc ("Hunter Bay") (TSX VENTURE:HBY)(OTCQX:HTBNF) is pleased to announce that its board of directors have approved a proposed private placement offering up to 10,000,000 units at a price of $0.05 per unit for gross proceeds of $500,000 (the "Offering") to Sumin Resources Limited ("Sumin"). Each unit will consist of one ordinary share ("Share") and one share purchase warrant ("Warrant"), with each Warrant entitling the holder to acquire one additional Share at a price of $0.10 per Share for a period of 18 months following the date of issue of the Warrants. Sumin previously had the option to acquire up to 18,750,000 units of Hunter Bay pursuant to the terms of a cooperation agreement between Hunter Bay and Sumin. The parties believe that the proposed terms more accurately reflect current market conditions for junior resource companies.

Proceeds of the Offering will be used to fund Hunter Bay's exploration program on its Sela Creek Project as well as for general working capital and corporate purposes. Closing of the proposed Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Hunter Bay's securities in the United States.

About Hunter Bay

Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in South America and Canada. Hunter Bay's lead project is the Sela Creek Project, located in Suriname, in which Hunter Bay has an option to acquire up to an eighty percent (80%) interest. Hunter Bay also owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake, NWT, Canada.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Hunter Bay cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hunter Bay's control. Such factors include, among other things: risks and uncertainties relating to Hunter Bay's ability to complete the private placement and to obtain TSX Venture Exchange approval. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Hunter Bay undertakes no obligation to publicly update or revise forward-looking information.

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.

Contact Information

  • Hunter Bay Minerals plc
    Bridge House, London Bridge
    London, England SE1 9QR
    Christopher Wilson, CEO and President
    (+44) 207-127-9125