VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 24, 2017) – HUDSON RESOURCES INC. (“Hudson” or the “Company”) (TSX VENTURE:HUD)(OTCQX:HUDRF) is pleased to announce that Greenland Venture A/S, an investment company owned by the Greenland Government, has agreed to purchase, by way of a private placement, 8,000,000 Units in Hudson Resources Inc. The Units will be priced at $0.50 per Unit for total proceeds to the Company of $4,000,000. 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 its expiry 36 months after such date at an exercise price of $0.70 per Warrant Share. The net proceeds of the private placement will be used in connection with the construction of Hudson’s White Mountain Anorthosite Project, to advance the Company’s paints and coatings business, and for general corporate purposes. The transaction is subject to the approval of the TSX Venture Exchange.
Concurrent with the investment, Hudson has agreed to appoint one Greenland Venture nominee to the board of Hudson Greenland A/S, Hudson’s 100% owned Greenlandic subsidiary that owns the White Mountain Anorthosite Project.
“We are very pleased that a Greenlandic company has agreed to invest in our project,” commented James Tuer, Hudson’s president. “We welcome Per Buhl Olsen to Hudson Greenland’s board of directors and look forward to Greenland Venture’s participation in the growth and success of the Company.”
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
This news release contains forward-looking statements regarding ongoing and upcoming exploration work and expected geology, geological formations and structures. Actual results may differ materially from those anticipated in these statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
James Tuer
President
604-628-5002 or 604-688-3415
tuer@hudsonresources.ca