Honey Badger Silver Inc. (TSX-V: TUF) is pleased to announce an offering to raise up to $1,000,000 by way of a non-brokered private placement. All dollar amounts are in Canadian funds.
The Offering will consist of a combination of non-flow-through units at a price of $0.05 per NFT Unit and flow-through shares at a price of $0.065 per FT Share, for aggregate proceeds of up to $1,000,000.
The Offering:
The Company will use the proceeds of the sale of FT Shares in the Offering to fund exploration programs on one or more of the Company’s exploration properties located in the Yukon, Northwest Territories, 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). The Company intends to use the net proceeds of the sale of the NFT Units to fund exploration programs and for general and administrative purposes.
The securities issued in connection with the Offering will be subject to a four-month and a day hold period. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange. Finder’s fees will be payable in the Offering.
Insider Participation
Chad Williams, Non-Executive Chairman of Honey Badger, has advised the Company that he intends to subscribe for a significant portion of the Offering. 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.
Caution to US Investors
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 silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver Indicated and 13.9 Moz of silver Inferred (1)(3) located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon’s prolific Keno Hill and adjacent to Snowline Gold’s Rogue discovery. The Company’s Clear Lake Project in the Yukon Territory has a historic resource of 5.5 Moz of silver and 1.3 billion pounds of zinc (2)(3). The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002. (2,3)
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