Honey Badger (TSXV:TUF) has announced that it has closed the second tranche of a non-brokered financing, pursuant to which it issued 3,700,00 flow-through units priced at $0.04 per FT Unit, for gross proceeds of $150,00.

Quentin Yarie, president and CEO stated:

Closing a second tranche of this financing shows the confidence that investors and shareholders continue to place in Honey Badger and our team is excited to return to the field and advance the LG Diamonds Project.

As quoted in the press release:

Each FT Unit consists of one common share of the Company issued on a “flow-through” basis within the meaning of the Income Tax Act (Canada), and one common share purchase warrant (each, a “FT Unit Warrant”), with each FT Unit Warrant being exercisable to acquire one non-flow-through common share of the Company at a price of $0.07 for a period of 36 months following the closing date of the Offering.

The net proceeds from the FT Units will be used for “Canadian exploration expenditures” (within the meaning of the Income Tax Act (Canada)) in connection with the mineral exploration programs of Honey Badger.

In connection with the Financing, Honey Badger paid finders fees in the form of cash compensation of $12,000 and issued a total of 300,000 non-transferable compensation warrants, with each such compensation warrant being exercisable to acquire one common share of the Company at a price of $0.10 for a period of 36 months following the closing date of the Offering.

The net proceeds from the FT Units will be used for “Canadian exploration expenditures” (within the meaning of the Income Tax Act (Canada)) in connection with the mineral exploration programs of Honey Badger. The net proceeds from the Non-FT Units will be used for payment of certain expenses of the Company as described in the Company’s press release of March 4, 2016.

Click here for the full press release.

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