Honey Badger Announces Brokered Private Placement
25 Juni 2014 - 2:00PM
Marketwired
Honey Badger Announces Brokered Private Placement
TORONTO, ONTARIO--(Marketwired - Jun 25, 2014) - Honey Badger
Exploration Inc. (TSX-VENTURE:TUF) ("Honey Badger" or the
"Company") announces that it has entered into an agreement (the
"Agreement") with IBK Capital Corp. ("IBK"), under which IBK has
agreed to act as agent, on a best efforts basis, for brokering a
private placement of up to 20,000,000 units ("Units") of Honey
Badger at a price of $0.15 per Unit for aggregate gross proceeds of
up to $3,000,000 (the "Offering"). Each Unit will consist of two
flow-through common shares of Honey Badger ("FT Shares"), one non
flow-through common share of Honey Badger and three non
flow-through common share purchase warrants ("Warrant(s)"). Each
Warrant will be exercisable to acquire one common share of Honey
Badger at an exercise price of $0.05 per warrant for a period of 48
months from date of issuance.
It is anticipated that the private placement will close on or
before July 11, 2014, and is subject to the completion of formal
documentation, receipt of all necessary regulatory approvals,
including the approval of the TSX Venture Exchange, and other
customary conditions. Funds raised from the private placement will
be used to finance an upcoming drill program and for further
exploration work on the Sagar Property located in Northern Quebec.
Proceeds will also be used for acquisition costs of the Sagar
Property, brokerage commissions, legal fees and for general working
capital purposes.
The proceeds from the sale of the FT Shares comprised in the
Units will be used to incur eligible Canadian Exploration Expenses,
as defined under the Income Tax Act (Canada) that will be renounced
in favour of the subscribers with an effective date of December 31,
2014.
As part of the Agreement, IBK is entitled to a cash commission
of 9% of the gross proceeds raised under the Offering as well as
Broker Warrants (the "Broker Warrants") equal to 10% of the
aggregate Units issued. Each Broker Warrant will entitle the holder
to acquire three non flow-through common shares and three non
flow-through warrants at a price of $0.15 per Broker Warrant for a
period of four years from the date of issuance. Each underlying
warrant will be exercisable to acquire one common share of Honey
Badger at an exercise price of $0.05 per warrant for a period of 48
months from original date of Broker Warrant issuance.
All securities issued under the private placement will be
subject to a four month and one day hold period from the date of
issuance.
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 British Columbia. 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.
This News Release contains forward-looking statements.
Forward-looking statements are statements that relate to future
events. 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.
Cautionary Statement: Neither 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.
Honey Badger Exploration Inc.Quentin YariePresident &
COO(416) 364-7029qyarie@honeybadgerexp.comHoney Badger Exploration
Inc.Mia BoiridyInvestor Relations(416)
364-7029mboiridy@honeybadgerexp.comwww.honeybadgerexp.com
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