TORONTO, June 06, 2018 (GLOBE NEWSWIRE) -- Honey Badger Exploration Inc. (TSX-V:TUF) (“Honey Badger” or the “Company”) announces the closing of the final tranche of its non-brokered private placement (the “Offering”), previously announced on May 14, 2018, for gross proceeds of $323,500. In aggregate, the Company raised gross proceeds of $1,941,500 in the Offering.
Quentin Yarie, Honey Badger’s President and CEO commented “We appreciate the interest our new and existing shareholders have placed in Honey Badger and our Thunder Bay Silver Project. Over the last few months, we’ve made some significant discoveries that demonstrate the property’s potential and our team is eager to start a comprehensive exploration program this summer.”
Pursuant to the Offering, the Company issued a total of 10,675,000 Units and 6,723,076 Flow-Through Shares, in aggregate. Each Unit was priced at $0.10 and is comprised of one common share (a “Common Share”) of the Company and one half (1/2) transferable common share purchase warrant (a “Warrant”), with each whole Warrant entitling the holder thereof to acquire one common share of the Company at a price of $0.16 for a period of 36 months from the date of closing of the Offering. Each Flow-Through Share was priced at $0.13.
In consideration for services, the Company paid cash commissions of $129,395 and issued 1,158,096 non-transferrable compensation warrants with each compensation warrant being exercisable into one Common Share at a price of $0.10 for a period of 36 months from the date of closing of the Offering.
The net proceeds from the Offering will be primarily used for exploration and general working capital purposes. The securities issued under the Offering will be subject to a hold period of four months and one day from the date of issuance. The Offering is subject to final approval of the TSX Venture Exchange.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Honey Badger Exploration Inc.
Honey Badger Exploration is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada with properties in Quebec and Ontario. The Company's common shares trade on the TSX Venture Exchange under the symbol “TUF”.
For more information, please visit our website at http://www.honeybadgerexp.com.
Quentin Yarie, President & CEO, (416) 364-7029, firstname.lastname@example.org
Mia Boiridy, Investor Relations, (416) 364-7029, email@example.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.