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Honey Badger Silver Signs Definitive Agreement for Additional Thunder Bay Silver Properties

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Honey Badger Silver Signs Definitive Agreement for Additional Thunder Bay Silver Properties

 

 

 

 

 

Confirms Dominant Position in the Thunder Bay Silver District

 

 

Honey Badger Silver Inc. (TSX-V: TUF) is pleased to announce that it has signed the Definitive Agreement with Romios Gold Resources Inc. (CSE: RG) to acquire an 80% interest and control of an additional 1,870 hectares (4,620 acres) in 87 mining claims covering historic silver properties in the Thunder Bay Silver District. The Agreement succeeds the Letter of Intent entered into by the parties announced on April 27, 2021.

 

The new claims comprise substantial portions of the historic Victoria Mine and Federal Mine silver properties, plus the Lily of the Valley, Caribou and Cloud Bay prospects.

 

“This acquisition solidifies Honey Badger Silver’s dominant position in this historic high-grade silver camp and furthers our strategy to create a high-value, high-growth silver company leveraging our regional positioning in world-class silver districts,” said Chad Williams, Executive Chairman.

 

In consideration for an 80% interest in the project, Honey Badger Silver has agreed to: a) issue shares of the Company to Romios Gold for a value of C$150,000 at a price equal to the volume weighted average price of its common shares, trading on the TSXV for the thirty trading days immediately preceding the date of the transaction’s announcement, subject to the maximum discounted price allowed under the policies of the TSXV and b) free-carry all costs and expenses related to the maintenance and advancement of the project to pre-feasibility. Immediately after completion of the pre-feasibility study, the parties shall enter into a joint venture agreement to continue advancing the project towards commercial production.

In addition, Romios Gold shall grant a right of first refusal to Honey Badger Silver on its 20% remaining interest, post-transaction. If any party is diluted to a 10% or less interest in the joint venture, such party’s interest shall be converted to a 2% net smelter return royalty with an option to buyback half for C$ 2,000,000. For further details, please refer to the aforenoted press release on the Company’s website at www.honeybadgersilver.com.

 

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario 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 a dominant land position in Ontario’s historic Thunder Bay Silver District and advanced projects in the southeast and south-central Yukon, Honey Badger Silver is positioning to be a top tier silver company. The Company’s common shares trade on the TSX Venture Exchange.

 

Posted June 10, 2021

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