Happy Creek Closes $1.1 Million Financing

Happy Creek Minerals (TSXV:HPY) announced that it has closed a private placement financing with Resource Capital Funds Vl LP for $1.1 million.
As quoted in the press release:

The Company has completed a non-brokered private placement of CDN $1,100,000 through the sale of 10 million units of the Company (the “Units”) at a price of eleven cents per Unit. Each Unit consists of one common share and one half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the Company for a period of three years after closing at an exercise price of fifteen cents.
The shares underlying the Units, the warrants and any shares acquired on exercise of the warrants will be subject to a four-month hold period ending on January 5, 2016. RCF VI will become an insider of the Company and no brokerage or finder fees are payable on this transaction.
As a result of the forgoing acquisition, RCF VI has direct and indirect control and direction over a total of 10,000,000 common shares of the Company representing approximately 13.85% of the issued and outstanding shares of the Company on a non-diluted basis. RCF VI also has direct and indirect control and direction over a total of 5,000,000 share purchase warrants. If RCF VI were to exercise all of its warrants, it would then own 15,000,000 common shares of the Company representing approximately 19.43% of the issued and outstanding shares assuming that no further common shares of the Company have been issued.

Click here to read the full Happy Creek Minerals (TSXV:HPY) press release.