Val d'Or, Quebec - Hinterland Metals Inc. (HMI: TSX-Venture) ('Hinterland' or the 'Company') announces the first closing of a non-brokered private placement offering (the 'Offering') of 7,750,000 units (the 'Units') at a price of $0.05 per Unit for gross proceeds of $387,500. Each Unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share of the Company at a price of $0.10 until August 17, 2018. The proceeds of the Offering will be used by Hinterland to advance its exploration projects within Quebec, and for general working capital.
La Société d'investissement dans la diversification de l'exploration ('SIDEX') participated in the Offering for $50,000 under the 'Field Action 2016' program. The mission of SIDEX is to invest in companies engaged in mineral exploration in Quebec.
In connection with the Offering, Hinterland paid total finder's fees of $25,900 in cash, issued 175,000 finder's shares, and issued 343,000 non-transferable agent's warrants. Each agent's warrant entitles the agent to purchase one additional common share of the Company at a price of $0.05 per agent's warrant until August 17, 2018.
The securities issued under the Offering are subject to a four month hold period ending December 18, 2016. The Offering is subject to final approval from the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company from time to time with securities regulators. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of an unanticipated event.