VANCOUVER, British Columbia, April 30, 2018 (GLOBE NEWSWIRE) -- HUDSON RESOURCES INC. (“Hudson”) (HUD.V) (HUDRF) announces that it will be seeking approval from the TSX Venture Exchange to complete a non-brokered private placement of 30 Million units (“Units”) of the Company. The Units will be priced at $0.45 per Unit for total proceeds to the Company of $13,500,000. 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 $0.75 per Warrant Share. In certain events, the Company can accelerate the expiry date of the Warrants if the common shares trade above a weighted average of $1.50 for 20 consecutive days. Hudson reserves the right to issue an over-allotment of up to 10 million Units for additional proceeds of $4,500,000. 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 the Company’s White Mountain Anorthosite Project in Greenland, working capital and general corporate purposes.
Hudson anticipates completing construction of its anorthosite mine and shipping product before the end of the year. Shipments for the first six months will be prioritized to meet the 10-year off-take agreement Hudson has with one of the leading E-Glass fiberglass producers in the world. On top of anticipated sales to a number of fiberglass producers worldwide, Hudson is developing a number of exciting product streams, including selling to manufacturers of paints and coatings, producers of aluminum and new markets looking for CO2 free white cement.
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
For further information:
James Tuer, President
Ph: 604-628-5002 or 604-688-3415
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements regarding the use of proceeds from the private placement, and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include market prices, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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.