Business
Honey Badger Silver Closes First Tranche of $1.25 Million Hard Dollar and Flow-Through Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - April 11, 2023) - Honey Badger Silver Inc. (TSXV: TUF) (" H...
About this update from Honey Badger Silver Inc.
[{"type":"text","content":"Honey Badger Silver Closes First Tranche of $1.25 Million Hard Dollar and Flow-Through Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - April 11, 2023) - Honey Badger Silver Inc. (TSXV: TUF) (\"Honey Badger\" or the \"Company\") is pleased to announce the closing of an initial tranche of its previously announced non-brokered hard dollar and flow-through private placement (the \"Offering\"). All dollar amounts are in Canadian funds. Hard Dollar OfferingThe hard dollar component of the Offering involves the sale of up to 6,700,000 units ( \"HD Units\") at a price of $0.15 per HD Unit for gross proceeds of $1,000,000. Each HD Unit consists of one common share of the Company and one half of a common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of the Company at a price of $0.18 for a period of 36 months from the date of closing. The proceeds from the hard dollar offering will be used to finance closing obligations and exploration activities on the Company's Cachinal project in Chile and for general working capital purposes. The Company has closed an initial tranche of 5,256,668 HD Units for aggregate proceeds of $788,500. Chad Williams, Non-Executive Chairman of Honey Badger, acquired 3,333,334 HD Units in the first tranche closing for total gross proceeds to the Company of $500,000. His participation in the Offering is a \"related party transaction\" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on the exemption from minority shareholder approval requirements under MI 61-101, as the fair market value of Mr. Williams' participation in the Offering does not exceed 25% of the market capitalization of the Company.Flow-Through OfferingThe flow-through component of the Offering involves the sale of 1,570,000 units ( \"FT Units\") at a price of $0.16 per FT unit for aggregate proceeds of $250,000. Each FT Unit consists of one common share of the Company and one half of a common share purchase warrant, with each whole warrant having the same terms as the warrants sold in the hard dollar offering. The proceeds from the flow- through offering will be used to fund exploration programs on one or more of the Company's exploration properties located in Yukon, Quebec, and Nunav...