VANCOUVER, Aug. 3, 2016 -
Hudson Resources Inc. ("Hudson") (TSX VENTURE:HUD) (OTCQX:HUDRF) announces that it will be seeking approval from the TSX Venture Exchange to complete a non-brokered private placement of 4 Million units ("Units") of the Company. The Units will be priced at $0.40 per Unit for total proceeds to the Company of $1,600,000. Each Unit will be comprised of one fully paid and non-assessable common share (a "Share") in the capital of the Company and one-half of a transferable Common Share purchase warrant (a "Warrant"). Each whole Warrant shall entitle the holder thereof to purchase one additional Share (a "Warrant Share") in the capital of the Company from the date of the issue until expiry 36 months after such date at an exercise price of $0.60 per Warrant Share. Hudson reserves the right to issue an over-allotment of up to 2 million Units for additional proceeds of $800,000. A finder's fee may be paid to arm's-length parties on this private placement.
The net proceeds of the private placement will be used for ongoing construction activities at the Company's White Mountain Anorthosite Project (see Hudson news release NR2016-03) and for general corporate purposes. These funds will comprise a portion of the equity component required to complete construction and cover working capital and reclamation costs for the project. Hudson continues to work with the European Investment Bank (NR2016-01) towards closing the debt portion of the project financing. As per the mandate letter, The EIB is reviewing a loan of up to 14M Euros which is to be matched one for one against equity. Hudson continues to work with other parties to secure the final equity component.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the U.S. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the U.S. or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
ON BEHALF OF THE BOARD OF DIRECTORS,
James Tuer, President
This news release contains forward-looking statements regarding ongoing and upcoming exploration work and expected geology, geological formations and structures. Actual results may differ materially from those anticipated in these statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Not for distribution to U.S. news wire services or dissemination in the United States.
Contact
Hudson Resources Inc.
James Tuer, President
604-628-5002 or 604-688-3415
tuer@hudsonresources.ca
