NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
CALGARY,
Sept. 3, 2013 /CNW/ - Boxxer Gold
Corp. (TSX Venture: BXX/OTC: BXXRF) ("Boxxer" or the
"Corporation") announced today that, further to the press
releases dated July 4, 2013,
July 23, 2013 and August 26, 2013, it has acquired all of the
issued and outstanding shares (the "Acquisition") of Konnex
Resources Inc. ("Konnex"). The Acquisition closed in
escrow on August 30, 2013, pending
certain closing deliverables, and is subject to TSX Venture
Exchange final approval. Pursuant to the Acquisition, Boxxer
issued an aggregate of 51,528,750 common shares of Boxxer
("Boxxer Shares") to the former holders of common shares of
Konnex ("Konnex Shares"), on the basis of five (5) Boxxer
Shares for every one (1) Konnex Share. 24,360,000 of these
Boxxer Shares, held by the former principals of Konnex, are held in
escrow pursuant to the terms of an escrow agreement, which provides
for the release of those Boxxer Shares, as to 25% on each of the 6,
12, 18 and 24 month anniversary of the closing date of the
Acquisition.
It is anticipated that upon the termination of
the closing escrow of the Acquisition, Jason Riley, the former President, CEO and a
director of Konnex, and Dennis
Thomas, a former director of Konnex, will be appointed to
the Board of Directors of Boxxer.
In connection with the Acquisition, Boxxer paid
a finder's fee in the amount of 1,833,000 Boxxer Shares, which
shares are subject to a four month hold period that expires on
December 31, 2013.
Boxxer's President and CEO, Elmer B. Stewart, explained; "We are very
pleased with the acquisition of Konnex and look forward to working
with its management team going forward. Konnex brings a
considerable amount of mineral industry expertise to Boxxer's board
of directors. Konnex is the first acquisition in keeping with
Boxxer's corporate strategy of exploration of its existing copper
projects, along with the acquisition of junior resource companies,
thereby taking advantage of the market opportunities now available
in North America".
Konnex Resources Inc:
Konnex is a private Canadian metals exploration company that seeks
to identify and acquire undervalued projects located in low risk
jurisdictions. Konnex has a highly experienced board and
management team with collectively over 100 years of experience in
exploration, development, mine management, and project sourcing
worldwide.
Konnex's main asset is an option on the Empire
Mine, a former copper-gold-silver producer located within the Alder
Creek mining District, 5.5 kilometers southwest of the town of
Mackay in central Idaho. The property consists of 23
patented mineral claims, 21 unpatented mineral claims and five
unpatented mill-site claims covering a contiguous 301 hectares
(743.7 acres) (the "Empire Project"). For further
information on Konnex and the Empire Project, please refer to
Boxxer's July 4, 2013 press
release.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource company involved in the
exploration for large polymetallic copper deposits in North America. Boxxer's active projects
include the Boss and Buena Vista copper projects in the state of
Nevada, the DOK copper-gold
porphyry property in Northwest B.C., the East Breccia
copper-silver- molybdenum property in Ontario. Boxxer also has the Gordon Lake
gold project located 110 kilometres north of Yellowknife NWT,
Canada.
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.
Forward-Looking Information: This
news release may contain certain forward-looking information. All
statements included herein, other than statements of historical
fact, are forward-looking information and such information involves
various risks and uncertainties. There can be no assurance that
such information will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information. In particular, this press release contains
forward looking information in relation to the completion of the
transactions disclosed herein and the corporate strategy of Boxxer.
There is no certainty that all regulatory approvals for the
Acquisition will be received. In addition, there is no certainty
that Boxxer will exercise its option on the Empire Project and
there is no certainty that additional exploration will identify
additional exploration targets or expand the dimensions of known
zones of mineralization on the Empire Project. For any
forward-looking information given, Management has assumed that the
results it has received and reviewed in relation to the Empire
Project and the interpretation thereof are reliable, and has
applied geological and geophysical interpretation methodologies
which are consistent with industry standards. There is no certainty
that Boxxer will be able to implement or achieve its corporate
strategy or that the changes to the board of directors may not be
implemented as stated and the work required to identify other
junior resource companies in North
America for acquisition may not identify a suitable target
or that if a suitable target is identified, the target may not be
available for acquisition on terms suitable to the Company.
Although Management has a reasonable basis for the conclusions
drawn, actual results may differ materially from those currently
anticipated in such forward-looking information. A description of
additional assumptions used to develop such forward-looking
information and a description of risk factors that may cause actual
results to differ materially from forward-looking information can
be found in Boxxer's disclosure documents on the SEDAR website at
www.sedar.com. Boxxer does not undertake to update any
forward-looking information except in accordance with applicable
securities laws.
SOURCE Boxxer Gold Corp.