Non-brokered deal sells units with two-year warrants in two tranches
By Devika Patel
Knoxville, Tenn., Oct. 6 - Honey Badger Exploration Inc. said it raised C$902,000 in the second tranche of a C$1.4 million non-brokered private placement of units. The deal raised C$500,000 on Sept. 30.
The company sold 14.02 million units of one flow-through common share and one half-share warrant at C$0.10 per unit. It sold 5 million units in the first tranche and 9.02 million units in the second. Insiders invested C$350,000.
Each whole two-year warrant will be exercisable at C$0.20. The strike price reflects a 185.71% premium to the Sept. 29 closing share price of C$0.07.
Proceeds will be used for exploration activities on the company's Radisson property in Northern Quebec.
Honey Badger is a gold and base metals exploration company based in Toronto.
| Issuer: | Honey Badger Exploration Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$1,402,000
|
| Units: | 14.02 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Settlement dates: | Sept. 30 (for C$500,000), Oct. 6 (for C$902,000)
|
| Stock symbol: | TSX Venture: TUF
|
| Stock price: | C$0.06 at close Sept. 30 | Market capitalization: | C$1.61 million
|
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