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 at $.50 per unit for investment of $4 million in Hudson Resources Inc. (TSX-V: HUD; OTCQX: HUDRF).
Each unit will be comprised of one fully paid and non-assessable common share and one-half of a transferable common share purchase warrant. Each whole warrant shall entitle the holder thereof to purchase one additional common share for a period of 36 months.
Hudson Resources intends to use net proceeds in connection with the construction of Hudson’s White Mountain Anorthosite Project, to advance its paints and coatings business, and for general corporate purposes.
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, President of Hudson. “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.”