Hudson Announces Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2010) -
Not for distribution to U.S. news wire services or dissemination in the United States.
HUDSON RESOURCES INC. ("Hudson") (TSX VENTURE:HUD) announces that it will be seeking approval from the TSX Venture Exchange to complete a non-brokered private placement of 3.75 Million units ("Units") of the Company. The Units will be priced at $0.80 per Unit for total proceeds to the Company of $3,000,000. 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 expiry 24 months after such date at an exercise price of $1.20 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 $2.00 for 20 days. Hudson reserves the right to issue an over-allotment of up to 2.5 million Units for additional proceeds of $2,000,000. 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 further exploration of the Company's rare earth element ("REE") bearing Sarfartoq Carbonatite Project, diamond processing studies and general corporate purposes.
On February 2, 2010, Hudson announced its 2010 exploration program. Hudson is pleased to report that the geophysical field crew is now on site and initiating the magnetic, EM and gravity surveys. Drilling will follow upon completion of the surveys, scheduled for that last week of April 2010. A presentation outlining the results to date is available on the Company's homepage at www.hudsonresources.ca.
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.