Yankee Hat Announces Closing of Private Placement With the MineralFields Group
December 06 2010 - 2:14PM
Marketwired
Yankee Hat Minerals Ltd. ("Yankee Hat" or the "Company") (TSX
VENTURE: KHT) is pleased to announce that it has closed a private
placement previously announced November 25, 2010. The Company will
issue 13,333,333 units (the "Units") at a price of $0.075 per Unit
for gross proceeds of $1,000,000 (the "Offering"). Each Unit
consists of one common share in the capital of the Company which
will be designated as a flow-through common share pursuant to the
Income Tax Act (Canada) (a "FT Share") and one-half of one common
share purchase warrant (a "Warrant"). Each whole Warrant will
entitle the holder thereof to purchase one common share in the
capital of the Company (a "Share") at a price of $0.12 per Share
until June 3, 2012. The Company will renounce an amount equal to
the gross proceeds derived from the sale of the Units to the
purchasers thereof in accordance with the provisions of the Income
Tax Act (Canada).
The Company will pay Limited Market Dealer Inc. ("LMD") a cash
commission equal to 5% of the proceeds of the sale of Units by LMD
(being $47,500) and will issue to LMD such number of finder's
compensation options (the "Finder's Options") as is equal to 9% of
the number of Units sold by LMD in the Offering (being 1,139,999
Finder's Options). Each Agent's Option will entitle LMD to purchase
a unit (an "Agent's Unit") at an exercise price of $0.10 per
Agent's Unit until June 3, 2012. Each Agent's Unit is comprised of
one Share and one half of a non-transferable share purchase warrant
(an "Agent's Warrant"). Each whole Agent's Warrant will entitle the
holder thereof to purchase one additional Share at the price of
$0.12 until June 3, 2012.
All securities issued in the closing of the Offering will be
subject to a hold period which expires April 4, 2012. The proceeds
from the Offering will be used to for Canadian exploration
purposes.
"We are very pleased to be entering into this relationship with
MineralFields Group," said P. Bradley Kitchen, Chief Executive
Officer. "This is an important milestone in the growth of Yankee
Hat Minerals Ltd. and we look forward to working with MineralFields
Group as we develop the Fran Property in central British
Columbia."
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management),
based in Toronto, Vancouver, Montreal and Calgary, is a mining fund
with significant assets under administration that offers its
tax-advantaged super flow-through limited partnerships to investors
throughout Canada as well as hard-dollar resource limited
partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution
of structured products and mutual funds (including the Pathway
Multi Series Fund Inc. corporate-class mutual fund series).
Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities ® (a division of
Limited Market Dealer Inc.) is active in leading resource
financings (both flow-through and hard dollar PIPE financings) on
competitive, effective and service-friendly terms, and offers
investment banking, mergers and acquisitions, and mining industry
consulting, services to resource companies. MineralFields and
Pathway have financed several hundred mining and oil and gas
exploration companies to date through First Canadian Securities
®.
About Yankee Hat Minerals Ltd.
Yankee Hat Minerals Ltd. is a publicly held resource company
that utilizes its management's expertise in mineral exploration and
evaluation, and financial acumen, to identify, acquire, and develop
mineral prospects in mining friendly jurisdictions with the
potential to host large-scale discoveries. The company
strategically focuses on commodities that have strong underlying
price fundamentals such as gold and precious metals, rare earth
elements and tungsten. The Company's website at
www.yankeehatminerals.com and public filings at www.sedar.com
provide additional information on its projects and other
information with respect to its management and operations.
ON BEHALF OF THE BOARD
P. Bradley Kitchen, Chief Executive Officer
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States 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.
FORWARD LOOKING STATEMENTS: This press release contains
forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in forward looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company's
management on the date such statements were made. 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.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Yankee Hat Minerals Ltd. David Matousek President
604.697.5790 604.697.0790 (FAX) info@yankeehatminerals.com
www.yankeehatminerals.com Investor Cubed Inc. Neil Simon
647.258.3310 or Toll Free: 1.888.258.3323 nsimon@investor3.ca
www.investor3.ca
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