TORONTO, ONTARIO--(Marketwired - Dec 12, 2014) - Honey Badger Exploration Inc. ("Honey Badger" or the "Company") (TSX VENTURE:TUF) announces the closing of a non-brokered private placement offering (the "Offering") of a total of 6,449,800 common shares of the Company for total gross proceeds of $322,490.
$200,000 was raised by selling A Units ("A Units") and $122,490 was raised by selling B Units ("B Units"). Each A Unit was sold for $0.05 and entitled the subscriber to 1 flow-through common share and 1 non flow-through common share purchase warrant. Each B Unit was sold for $0.15 and entitled the subscriber to 2 flow-through common shares, 1 non flow-through common share and 3 non flow-through common share purchase warrants. Each non flow-through common share purchase warrant entitles the holder to purchase 1 common share for $0.05 during a five-year period.
The Company paid finders commissions totaling $27,350 and issued 427,000 non-transferable compensation options, with each such option entitling the holder to acquire one non flow-through common share of Honey Badger at a price of $0.05 per share for a period of 2 years following closing.
Further tranches of this offering may be closed before December 31, 2014. All securities issued pursuant to the Offering are subject to a restricted period of four months and one day from the date of issuance. The Offering is subject to receipt of final approval from the TSX Venture Exchange.
The Company intends to primarily use the proceeds of the Offering to further exploration activities on its Sagar Property in Northern Quebec and pay administrative expenses, including finders commissions.
About Honey Badger Exploration Inc.
Honey Badger Exploration is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada with properties in Québec 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.
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.
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.