Boxxer closes first tranche of private placement

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CALGARY, Dec. 10, 2012 /CNW/ - Boxxer Gold Corp. (TSX Venture: BXX/OTC: BXXRF) ("Boxxer" or the "Corporation"). Further to news releases dated September 28, 2012 and October 18, 2012, Boxxer is pleased to announce that it has completed the first tranche of its previously announced private placement financing (the "Offering"). Pursuant to the first tranche closing, Boxxer issued 3,323,854 units ("Units") at a price of $0.07 per Unit for aggregate gross proceeds of $232,670 and 2,463,291 flow-through units ("FT Units) at a price of $0.08 per FT Unit for aggregate gross proceeds of $197,063. Total gross proceeds from both the sale of Units and FT Units was $429,733. The Corporation anticipates closing a further tranche of the Offering in mid-December.

Each Unit consists of one (1) common share in the share capital of Boxxer ("Common Share") and one-half of one (1/2) Common Share purchase warrant (each whole warrant, a "Warrant"). Each FT Unit consists of one (1) Common Share issued on a "flow-through" basis as defined in the Income Tax Act (Canada) and one-half of one (1/2) Warrant. Each whole Warrant is exercisable into one (1) Common Share at a price of $0.12 until one (1) year from the date of closing. Each Warrant (whether issued as part of the Units or the FT Units) is also 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 Exchange is at least $0.12 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 proceeds of the Offering will be used primarily for additional diamond drilling on the East Breccia copper-molybdenum project in Ontario and the Gordon Lake gold project located in the NWT, Canada and for general working capital purposes.

One finder acting in connection with the Offering received a finder's fees of $4,500 and 64,287 finder's warrants. Each finder's warrant is exercisable into one (1) Common Share ("Finder's Share") at an exercise price of $0.07 per Finder's Share for a period of one (1) year from the date of issuance of the finder's warrants.

Closing of the Offering is subject to final approval of the TSX Venture Exchange. The securities issued in connection with this tranche of the Offering are subject to a four (4) month hold period that expires on April 7, 2013.

Insiders participated in the Offering purchasing 475,000 FT Units. In relation to the insiders who participated in the Offering, Boxxer has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of these securities (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization). No new insiders were created as a result of this Offering.

About Boxxer Gold Corp.
Boxxer is a Canadian junior resource corporation focused on the exploration of the Boss and Buena Vista copper projects in the state of Nevada, the DOK copper-gold porphyry property in Northwest B.C., and the East Breccia copper-silver-molybdenum property in Ontario. Boxxer also has the Crescent Peak gold-silver project in Nevada and the Gordon Lake gold project located 110 kilometres north of Yellowknife NWT, Canada.