CALGARY, June 18, 2012 /CNW/ – Boxxer Gold Corp. (TSX Venture: BXX/OTC: BXXRF) (“Boxxer” or the “Corporation“) today announced its intention to raise up to $1,050,000 by way of a non-brokered private placement (the “Offering”). The Offering is expected to close on or about July 16, 2012, and the Offering is subject to regulatory approval.
A total of up to 15,000,000 Units will be offered for sale at a price of $0.07 per Unit to raise total proceeds of $1,050,000. Each Unit will consist of one Common Share in the share capital of Boxxer and one-half of a Common Share purchase Warrant (“Warrant”). Each whole Warrant shall be exercisable into one Common Share at a price of $0.12 until one (1) year from the date of closing.
Each Warrant is subject to accelerated expiry provisions such that if any time after the completion of the offering the closing price of the Common Shares on the TSX Venture Exchange is at least $0.12 per Common Share for 15 consecutive days the Corporation may give notice to the holders that each warrant will expire 15 business days from the date of providing such notice.
The proceeds of the Unit Offering will be used primarily for preparation of additional diamond drilling on the Boss copper-gold property, continue exploration on the Buena Vista copper project, also located in Nevada and for general working capital purposes.
A finder’s fee of up to 9% of the gross proceeds of the Offering may be paid in cash on all or any part of the Offering. Additionally, finder’s warrants exercisable into Common Shares of Boxxer may be issued in an amount up to 9% of the number of Units sold under the Offering. The finder’s warrants will be exercisable into Common Shares at a price of $0.07 per Common Share for a period of one year from the date of issuance of the finder’s warrants.
Boxxer has retained the services of Mira Geosciences to complete a detailed interpretation of the Total Field Airborne magnetic data collected from the DOK property in 2011. The results of the interpretation will be used to direct the mapping and sampling portion of the proposed 2012 field exploration program.
Boxxer is also pleased to announce that it has executed a contract with Quantec Geosciences to perform a Titan-24 DCIP & MT geophysical survey over the two previously identified large multi-element (copper-molybdenum-gold-silver) soil geochemical anomalies (see News Release dated May 26, 2011). The geochemical anomalies are hosted in potassic and phyllic altered intrusives and volcanics of the Stuhini group. Mineralized intervals (historical results) of up to 0.64% copper over 41m are reported to occur with one of the geochemical anomalies. The geophysical survey is expected to commence when weather conditions (snow) allows. Contingent on the results of the geophysical survey, diamond drilling is also planned.
Elmer B. Stewart, MSc. P. Geol., President and CEO of Boxxer Gold, is the Company’s nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource corporation focused on the exploration of the Boss and Buena Vista copper projects in the state of Nevada, the DOK copper-gold porphyry property in Northwest B.C., and the East Breccia copper-silver-molybdenum property in Ontario. Boxxer also has the Crescent Peak gold-silver project in Nevada and the Gordon Lake gold project located 110 kilometres north of Yellowknife NWT, Canada.
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.