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Honey Badger Silver Announces $1.25 Million Hard Dollar & Flow-Through Non-Brokered Private Placement

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Honey Badger Silver Announces $1.25 Million Hard Dollar & Flow-Through Non-Brokered Private Placement

 

 

 

 

 

Honey Badger Silver Inc. (TSX-V: TUF) is pleased to announce a non-brokered hard dollar and flow-though private placement for aggregate gross proceeds of $1,250,000.  All dollar amounts are in Canadian funds.

 

 

Hard Dollar Offering

 

 

The hard dollar component of the Offering involves the sale of up to 6,700,000 units at a price of $0.15 per HD unit for gross proceeds of $1,000,000.  Each HD Unit will consist of one common share of the Company and one half of a common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of the Company at a price of $0.18 for a period of 36 months from the date of closing.   The proceeds from the hard dollar offering will be used to finance closing obligations and explorationactivities on the Company’s Cachinal projectin Chile and for general working capital purposes.

 

 

Flow-Through Offering

 

 

The flow-through component of the Offering involves the sale of 1,570,000 units at a price of $0.16 per FT unit for aggregate proceeds of $250,000.  Each FT Unit will consist of one common share of the Company and one half of a common share purchase warrant, with each whole warrant having the same terms as the warrants sold in the hard dollar offering. The proceeds fromthe flow-through offering will be used to fund exploration programs on one or more of the Company’s exploration properties located in Yukon, Quebec, and Nunavut that will qualify as “Canadian Exploration Expenses”and, once renounced,“flow-through mining expenditures”, as those terms are defined in the Income Tax Act (Canada).

Chad Williams, Non-Executive Chairman of Honey Badger, has advised the Company that he intends to subscribe for 3,333,334HD units for total gross proceeds to the Company of $500,000.  Additional insiders may also participate in the Offering.  Insiders’ participation in the Offering constitutes a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company is relying on the exemption from minority shareholder approval requirements under MI 61-101, as the fair market value of the insiders’ participation in the Offering does not exceed 25% of the market capitalization of the Company.

 

 

The closing of the Offering is expected to occur on or before April 12, 2023  and is subject to the completion of formal documentation and receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange. The common shares, warrants and any common shares issued on the exercise of warrants sold in the Offering will be subject to a four month hold period from the closing of the Offering under applicable Canadian securities laws.   Finder’s fees may be payable to arm’s length finders in connection with the Offering.

 

 

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

 

 

About Honey Badger Silver Inc.

 

 

Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario, that is focused on the acquisition, development, and integration of accretive transactions of silver ounces. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With significant landholdings in southeast and south-central Yukon, including the Plata property 180 kms to the east of the Keno Hill silver district, as well as Ontario’s historic Thunder Bay Silver District, Honey Badger Silver is positioning to be a top-tier silver company.

 

Posted March 28, 2023

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