Honey Badger Silver Provides Update On Non-Brokered Private Placement

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WHITE ROCK, BC / ACCESSWIRE / April 5, 2024 / Honey Badger Silver Inc. (TSXV:TUF) ("Honey Badger" or the "Company") provides further information respecting its non-brokered placement which was the subject of its news releases of March 20 and April 4, 2024 (the "Offering").

The Company intends to close on aggregate gross proceeds of $1,204,200, from the sale of:

• 16,749,000 non-flow through units ("NFT Units") at a price of $0.05 per NFT Unit for gross proceeds of $837,450; and
• 5,642,307 flow-through shares ("FT Shares") at a price of $0.065 per FT Share for gross proceeds of $366,750.

Each NFT Unit will consist of one common share and one half of a share purchase warrant, with each whole warrant (an "NFT Warrant") exercisable for one common share at a price of $0.065 for 18 months following closing.

The Company intends to use the net proceeds of the sale of the NFT units to finance exploration programs and for general and administrative purposes. The proceeds of the sale of the FT Shares will be used to fund exploration programs on one or more of the Company's exploration properties located in the Yukon, Northwest Territories, and Nunavut that will qualify as "Canadian Exploration Expenses" and once renounced, "flow-through mining expenditures", as those terms are defined in the Income Tax Act (Canada).

The TSX Venture Exchange ("TSXV") requires shareholder approval for the creation of any new "control person", being a shareholder who holds 20% or more of an issuer's issued and outstanding shares. For the purpose of this calculation, any warrants acquired in a financing are treated as having been exercised.

Chad Williams, the Non-Executive Chairman of Honey Badger, will be participating in the Offering. Mr. Williams is expected to subscribe for 4,187,000 NFT Units and 3,076,923 FT Shares in the Offering, which would result in his holding 12,565,924 shares or 20.31% of the Company's issued and outstanding common shares on a non-diluted basis. On a partially diluted basis (after giving effect to the issuance of the NFT Warrants he will be acquiring in the Offering) Mr. Williams is expected to hold 14,659,424 common shares of the Company, or 22.92% of the then issued and outstanding common shares of the Company.