(TORONTO, ON) – Honey Badger Exploration Inc. (“Honey Badger” or the “Company”) (TSX.V: TUF) announces the closing of a non-brokered private placement offering (the “Offering”) of securities of the Company for total gross proceeds of $200,000.
Pursuant to the Offering, the Company issued an aggregate of 4,000,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit is comprised of one flow-through common share and one non-flow through common share purchase warrant. Each full warrant entitles the holder to purchase one common share of the Company for $0.12 per share and expires 18 months from the date of closing.
The Company paid fees totaling $15,500 and issued 260,000 non-transferable compensation options, with each such option entitling the holder to acquire one Unit at a price of $0.05 per Unit for a period of 18 months following closing.
In addition, as per the Radisson Property agreement, the Company issued 396,000 non-flow through shares to Eastmain Resources Inc.
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 Radisson property in Northern Quebec.
About Honey Badger Exploration Inc
Honey Badger Exploration is a gold and base metals exploration company headquartered in Toronto, Ontario, Canada. 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
Brent Nykoliation, Vice President of Business Development
Phone: (416) 364-7024, (416) 364-2753 (FAX)
Kirk McKinnon, President and CEO or Quentin Yarie, President and COO
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