Key Developments: Huldra Silver Inc (HUSIF.PK)
0.36USD
20 May 2013
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10,257
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Latest Key Developments (Source: Significant Developments)
Huldra Silver Inc Completes $10,000,000 Convertible Debenture Financing With Announcing Of Close Of Final Tranche
Huldra Silver Inc announced that it has completed a second tranche of its previously announced private placement financing (the Financing), pursuant to which it has issued unsecured convertible debentures (each, a Debenture) in the aggregate principal amount of $2,624,800. The Debentures have a maturity date of February 21, 2014 and bear interest at the rate of 16% per annum payable at maturity of the Debenture. Pursuant to the terms of the Debentures, and subject to adjustment, the subscribers may convert all or any part of the principal amount outstanding under the Debentures into common shares in the capital of the Company (each, a Share) at a conversion price of $1.05 per Share and any accrued but unpaid interest thereon at the greater of $1.05 per Share and the Market Price (as defined in the policies of the TSX Venture Exchange) at the time of conversion. The closing of this second tranche brought the final total of the Financing, which closed in various tranches between February 8, 2013 and February 13, 2013, to aggregate gross proceeds of $10,003,800. The proceeds from the sale of the Financing will be used for debt repayment and for general working capital purposes. Full Article
Huldra Silver Inc Announces Increase To Financing
Huldra Silver Inc announced that, further to its press releases of January 29, 2013 and February 6, 2013, and due to investor demand it has revised the terms of the private placement financing of unsecured convertible debentures (the Debentures) by increasing the principal amount to be issued to $10,000,000 from the previously announced $6,000,000. The principal amount of the Debentures will mature 12 months after issuance (the Maturity Date) and accrue interest at 16% per annum payable on the Maturity Date. All other terms of the Debentures remain as provided for in the Company's press releases of January 29, 2013 and February 6, 2013. Full Article
Huldra Silver Inc Announces Amendment To Financing Terms
Huldra Silver Inc announced that with reference to the earlier announcement, it has revised the terms of the private placement financing of unsecured convertible debentures in the aggregate principal amount of up to $6,000,000 that it intends to complete in order to raise the funds necessary to make upcoming payments to the Company's lenders and for general working capital purposes. The principal amount of the Debentures will mature 12 months after issuance (the Maturity Date) and accrue interest at 16% per annum payable on the Maturity Date. The principal amount of the Debentures and any accrued but unpaid interest thereon were originally to be convertible, at the option of the subscriber, into common shares of the Company (each, a Share) at a price of $1.35 per Share. The revised terms provide that, at the option of the subscriber, the principal amount of the Debentures will be convertible into Shares at a price of $1.05 per Share, and any accrued but unpaid interest thereon will be convertible into Shares at the greater of $1.05 per Share and the Market Price (as defined in the policies of the TSX Venture Exchange) per Share at the time of any notice of conversion, each subject to adjustment as provided by the terms of the Debentures. The principal amount of the Debentures and any accrued but unpaid interest thereon will not be pre-payable by the Company. Full Article
Huldra Silver Inc Announces Closing of Second Tranche of Financing
Huldra Silver Inc announced that it has completed the second tranche of its previously announced private placement financing (the Financing), as described in its press releases dated September 17 and October 1, 2012, pursuant to which it has issued an aggregate of 1,104,082 units (each, a Unit) for aggregate gross proceeds of $1,490,510.70. Each Unit consisted of one common share (each, a Share) and one half of one Share purchase warrant (with each whole warrant being, a Warrant). Each Warrant is exercisable into one Share at a price of $1.75 per Share for six months from the date of issuance. Total gross proceeds received to date from the Financing amount to $4,448,520. The Company expects to close additional tranches of the Financing in coming weeks. In connection with the closing of the second tranche of the Financing, the Company paid aggregate cash commissions of $103,842.00 and issued an aggregate of 76,920 finder's warrants, with each finder's warrant exercisable into one Share at a price of $1.35 per Share for a period of 12 months from the date of issuance. The proceeds from the sale of the Financing will be used to increase the mill inventory from the Treasure Mountain Mine, to develop the Company's infrastructure, for debt repayment and for general working capital purposes. Full Article
Huldra Silver Inc Announces Closing of First Tranche of Financing
Huldra Silver Inc announced that it has completed the first tranche of its previously announced private placement financing (the Financing), as described in its press release dated September 17, 2012, pursuant to which it has issued an aggregate of 2,116,118 units (each, a Unit) for aggregate gross proceeds of $2,856,759.30. Each Unit consisted of one common share (each, a Share) and one half of one Share purchase warrant (with each whole warrant being, a Warrant). Each Warrant is exercisable into one Share at a price of $1.75 per Share for six months from the date of issuance. The Company expects to close additional tranches of the Financing in coming weeks. In connection with the closing of the first tranche of the Financing, the Company paid aggregate cash commissions of approximately $199,140.77 and issued an aggregate of 147,512 finder's warrants, with each finder's warrant exercisable into one Share at a price of $1.35 per Share for a period of 12 months from the date of issuance. The proceeds from the sale of the Financing shall be used to increase the mill inventory from the Treasure Mountain Mine, to develop the Company's infrastructure, for debt repayment and for general working capital purposes. Full Article
Huldra Silver Inc Announces Non Brokered Private Placement Financing
Huldra Silver Inc announced that it will issue up to 5,000,000 million Units (each, a 'Unit') at a price of $1.35 per unit for gross proceeds of up to $6,750,000 (the 'Offering'). Each Unit will consist of one common share (each, a 'common share') and one half purchase warrant (each, a 'warrant'). A full warrant will allow the purchaser to acquire an additional share in the Company at $1.75 for a period of 6 months from the date of closing. In connection with the Offering, a finder's fee may be paid consisting of a cash commission equal to 8.0% of the gross proceeds raised under the Offering and that number of non-transferable broker warrants (the 'Broker Warrants') as is equal to 8.0% of the number of Shares. Each Broker Warrant will be exercisable into one common share of the Company at $1.35 per share, for a period of 12 months from the Closing Date (as defined herein). The proceeds from the sale of the Non-Brokered Financing shall be used to increase the mill inventory from the Treasure Mountain Mine, Increased Infrastructure, for debt repayment and for general working capital purposes. Full Article
Huldra Silver Inc Completes Private Placement-Canada Stockwatch News
Canada Stockwatch News reported that Huldra Silver Inc. has completed its previously announced private placement . In connection with the brokered portion, the Company issued an aggregate of 2,367,500 flow-through common shares at a price of $1.20 per flow-through share and 1,225,000 common shares, issued on a non-flow-through basis, at a price of $1.08 per share for aggregate gross proceeds of $4,164,000. In connection with the non-brokered portion, the Company issued an aggregate of 2,470,399 flow-through shares at a price of $1.20 per flow-through share and 2,334,815 shares at a price of $1.08 per share for aggregate gross proceeds of $5,486,079. The Company paid finders' fees in connection with the offering, consisting of cash commissions equal to 8% of the gross proceeds raised under the offering, and the issuance of that number of non-transferable broker warrants equal to 8% of the number of flow-through shares and shares sold pursuant to the offering. The aggregate gross proceeds from the offering will be used to advance the Treasure Mountain project toward production, for resource exploration, for debt repayment and for general working capital purposes. Full Article
Huldra Silver Inc. Announces Amendment To Credit Agreement
Huldra Silver Inc. announced that it has entered into a second amending agreement dated July 30, 2012 with Waterton Global Value, L.P. pursuant to which it has further amended the terms of the Credit Agreement dated June 16, 2011, as amended May 16, 2012, between the Company and Waterton. Under the terms of the Amending Agreement, Waterton has agreed to amend the repayment terms of the Credit Agreement such that the repayment amount owing on July 31, 2012 is $nil, effectively resulting in the first repayment date under the Credit Agreement being the last business day of August, 2012, with the maturity date remaining as April 30, 2013. The Amending Agreement also reduces the amounts of the August and September 2012 payments by over 50% . In consideration for the amendments provided for the Company's benefit under the Amending Agreement, the Company has agreed to: issue 180,000 common shares of the Company to Waterton; and pay to Waterton a $200,000 cash payment on the last day of the Repayment Period (as defined in the Credit Agreement). The Consideration Shares issued to Waterton will be subject to a hold period of four months and one day under Canadian securities laws and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended. Full Article
Huldra Silver Inc. Closes Private Placement For Further $136,800-Canada Stockwatch News
Canada Stockwatch News reported that Huldra Silver Inc. has raised additional aggregate gross proceeds of $136,800 by way of a non-brokered private placement of 114,000 flow-through common shares at a price of $1.20 per flow-through share. The Company paid a finder's fee consisting of a cash commission equal to 8.0% of the gross proceeds raised under the offering and the issuance of that number of non-transferable broker warrants equal to 8.0% of the number of flow-through shares sold pursuant to the offering. The broker warrants are exercisable into one common share of the Company at $1.08 per share for two years. The aggregate gross proceeds from the offering will be used to advance the Treasure Mountain project toward production, for resource exploration, for debt repayment and for general working capital purposes. The gross proceeds received by the Company from the sale of the flow-through shares will be used to incur eligible Canadian exploration expenses for purposes of the Income Tax Act (Canada), and an amount equal to such gross proceeds will be renounced in favour of the holders with an effective date of no later than December 31, 2012. The Company may complete additional issuances of common shares or flow-through shares. Any issuances on a non-brokered basis may be subject to additional approval of the TSX Venture Exchange. Full Article
Huldra Silver Inc. Announces Closing of Offering
Huldra Silver Inc. announced that it has raised aggregate gross proceeds of $4,164,000 by way of a brokered private placement (the Offering) of 1,225,000 common shares (the Shares) at a price of $1.08 per Share and 2,367,500 flow-through common shares (the Flow-Through Shares) at a price of $1.20 per Flow-Through Share. The Offering was completed pursuant to an agency agreement dated June 29, 2012 (the Agency Agreement) among Huldra and National Bank Financial Inc., Bayfront Capital Partners Ltd. and Pope & Company Limited (collectively, the Agents). Pursuant to the Agency Agreement, Huldra paid to the Agents a cash commission equal to 8.0% of the gross proceeds raised under the Offering and issued to the Agents that number of non-transferable broker warrants (the Broker Warrants) equal to 8.0% of the number of Shares and Flow-Through Shares sold by the Agents pursuant to the Offering. Each Broker Warrant is exercisable into one common share of the Company at $1.08 per share until June 29, 2014. The aggregate gross proceeds from the Offering will be used to advance the Treasure Mountain project towards production, for resource exploration, for debt repayment and for general working capital purposes. Full Article
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