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Honey Badger Silver Closes $3 Million Over-Subscribed Non-Brokered Private Placement Anchored by Eric Sprott
TORONTO, March 18, 2021 (GLOBE NEWSWIRE) -- Honey Badger Silver Inc. (TSX-V: TUF) (“Honey Badger Silver” or the “Company”) is pleased to announce that it has cl
About this update from Honey Badger Silver Inc.
[{"type":"text","content":" TORONTO, March 18, 2021 (GLOBE NEWSWIRE) -- Honey Badger Silver Inc. (TSX-V: TUF) (“Honey Badger Silver” or the “Company”) is pleased to announce that it has closed the non-brokered private placement offering (the “Private Placement” or the “Financing”) announced on February 18, 2021. The over-subscribed private placement resulted in the issuance of 42.86 million units for aggregate gross proceeds of $3,000,000. Each Unit was priced at $0.07 and consists of one (1) common share in the capital of the Company (“Common Share”) and one-half of one (0.5) Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire one (1) additional Common Share at a price of $0.10 for a period of three years from the date of closing of the Financing. Mr. Eric Sprott through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 14,285,714 Units pursuant to the Private Placement for total consideration of $1,000,000. Prior to the Offering, Mr. Sprott beneficially owned or controlled 2,500,000 common shares and 2,500,000 Warrants of the Company. Following the closing of the Private Placement, Mr. Sprott beneficially owns or controls 16,785,714 common shares of the Company and 9,642,857 Warrants, representing approximately 12.2% of the issued and outstanding shares of the Company on a non-diluted basis and approximately 17.9% of the issued and outstanding shares of the Company on a partially diluted basis assuming exercise of the Warrants. The Units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other factors that Mr. Sprott considers relevant from time to time. A copy of the applicable early warning report will appear on the Company’s profile on SEDAR and may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1). Chad Williams, Chairman of Honey Badger Silver acquired 10% or 4,285,714 Units pursuant to the Private Placement for total co...