TORONTO, ONTARIO--(Marketwired - June 21, 2013) - Hornby Bay Mineral Exploration Ltd. (the "Company") (TSX VENTURE:HBE) announces that it has closed a non-brokered private placement (the "Offering") consisting of 1,000,000 flow-through units (the "FT Units") of the Company at a price of $0.10 per FT Unit, for aggregate gross proceeds of $100,000. The Company plans to use the proceeds of the Offering to upgrade the camp at its Nunavut Properties to comply with environmental regulations.
Each FT Unit is comprised of one common share (a "Common Share") in the capital of the Company and one Common Share purchase warrant (each whole warrant, a "Warrant") of the Company. Each Warrant is exercisable to purchase one Common Share at a price of $0.20 per Common Share for a period of two years following the closing of the Offering.
The securities issued pursuant to the Offering are subject to a four-month hold period and the Offering remains subject to final acceptance by the TSX Venture Exchange.
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.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Shares Outstanding: 52,785,150