Hunter Bay Minerals Plc

April 21, 2011 08:00 ET

Hunter Bay Minerals Completes Private Placement of $4.47 Million

LONDON, UNITED KINGDOM--(Marketwire - April 21, 2011) - Hunter Bay Minerals plc ("Hunter Bay") (TSX VENTURE:HBY) is pleased to announce it has completed its private placement offering of units previously announced on March 3, 2011 and April 4, 2011 (the "Private Placement"). In total, Hunter Bay issued an aggregate of 14,916,232 units at a price of $0.30 per unit for gross proceeds of $4,474,869.60. Each unit under the private placement consists of one ordinary share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional ordinary share at a price of $0.60 per share on or before April 20, 2012, and thereafter at a price of $0.75 per share on or before April 20, 2013.

In connection with the proceeds raised in this Private Placement, Hunter Bay paid finders a cash commission in the aggregate of $186,040.18 and issued finders an aggregate of 620,134 non-transferable warrants. Each finder's warrant is exercisable on the same terms as those warrants described above and expires on April 20, 2013.

The securities issued under the Private Placement will be subject to a hold period expiring on August 21, 2011 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.

Proceeds of the Private Placement will be used to fund Hunter Bay's exploration programs on its mineral properties as well as for general working capital and corporate purposes.

About Hunter Bay

Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in Canada and South America. Hunter Bay currently owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake NWT, has an option to acquire up to an eighty percent (80%) interest in the Sela Creek Project located in Suriname and has an option to acquire a forty five percent (45%) interest in the net profits of the Fortuna Project located in the Nambija Gold District, Ecuador.

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 exploration programs on its mineral projects and its limited operating history. 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
    Christopher Wilson
    CEO and President
    (+44) 203-178-2101
    (+44) 207-724-2734