Boxxer Completes $620,000 Private Placement

CALGARY, AB--(Marketwired - August 29, 2014) - Boxxer Gold Corp. (TSX VENTURE: BXX) (PINKSHEETS: BXXRF) ("Boxxer" or the "Corporation") is pleased to announce that, further to news releases dated August 19, 2014 and August 26, 2014, Boxxer has closed its previously announced financing raising total gross proceeds of $620,000 by way of a non-brokered private placement (the "Offering") of units ("Units") of the Corporation at a price of $0.04 per Unit. The Offering was oversubscribed by $120,000 and the Corporation has received conditional acceptance from the TSX Venture Exchange ("TSX Venture") to close on this oversubscribed amount. A total of 15,500,000 Units were issued pursuant to the Offering. The Offering was made pursuant to a waiver granted by the TSX Venture which permitted the Corporation to offer the Units at a price of $0.04 per Unit. 

Each Unit consists of one common share in the share capital of Boxxer ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant shall be exercisable into one Common Share at a price of $0.06 until two (2) years from the date of closing of the Offering. Each Warrant is subject to accelerated expiry provisions such that if any time after the completion of the Offering the closing price of the Common Shares on the TSX Venture is at least $0.10 per Common Share for 15 consecutive days the Corporation may give notice to the holders that each Warrant will expire 15 business days from the date of providing such notice. The securities issued in connection with the Offering will be subject to a four month and 1 day hold period from the date of issuance of such securities (until December 30, 2014). 

Finders acting in connection with the Offering received finder's fees of 37,894 and 947,360 finder's warrants. Each finder's warrant entitles the holder to purchase one Common Share at an exercise price of $0.05 per Common Share for a period of one year after the closing of the Offering.

The proceeds of the Offering will be used primarily to maintain and preserve the Corporation's interest in its exploration properties and for general working capital purposes.

The completion of the Offering is subject to final TSX Venture acceptance. One director of Boxxer participated in the Offering purchasing a total of 1,250,000 Units and Boxxer has determined that there are exemptions available for the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of these Units (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000). No new insiders were created, nor has any change of control occurred, as a result of this Offering.