Business
Honey Badger Silver Closes Yukon Silver Asset Purchase
TORONTO, June 08, 2021 (GLOBE NEWSWIRE) -- Honey Badger Silver Inc. (TSX-V: TUF) (“Honey Badger Silver” or the “Company”) is pleased to announce that it has clo
About this update from Honey Badger Silver Inc.
[{"type":"text","content":" TORONTO, June 08, 2021 (GLOBE NEWSWIRE) -- Honey Badger Silver Inc. (TSX-V: TUF) (“Honey Badger Silver” or the “Company”) is pleased to announce that it has closed its previously announced transaction with Strategic Metals Ltd. (“Strategic Metals”; TSX-V: SMD) to acquire a 100% interest in the following three silver-focused advanced properties located in the Yukon Territory, Canada (the “Transaction”): (1) Plata: lies within the Tintina Gold Belt with geology analogous to the prolific Keno Hill silver district, (2) Groundhog: falls within a belt of high-grade gold occurrences including the Ketza Mine with very high grade silver in rock samples, and (3) Hy: covers many high-grade silver occurrences first discovered in the 1960’s (for more information on the Properties, please refer to the Company’s news release dated February 11, 2021). “This is an important transaction for Honey Badger Silver. Each of these silver properties has the potential to host significant higher-grade silver mineralization. They are advanced, well situated, and have promising geology. We are eager to quickly crystallize value from these silver assets,” said Chad Williams, Executive Chairman of Honey Badger Silver. “This transaction is an example, and merely the beginning, of your management’s efforts to grow Honey Badger into a substantial silver company.” Transaction Terms In consideration for a 100% interest in the Properties, Honey Badger Silver issued to Strategic Metals 34,804,718 common shares in the capital of Honey Badger Silver, representing 19.9% of the issued and outstanding common shares of the Company following the closing of the Transaction, and granted to Strategic Metals the right to participate, on the same commercial terms as other investors, in the next two equity financings undertaken by the Company in order to allow Strategic Metals to maintain its equity position in Honey Badger Silver. Strategic Metals will retain a 2% net smelter return royalty on all minerals other than silver to be extracted from the Properties. The securities issued under the Transaction are subject to a four month hold period expiring on October 5, 2021. The Transaction remains subject to the final approval of the TSX Venture Exchange. Technical information in this news release has been approved by Heather Burrell, P.G...