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  • Honey Badger Silver (TUF) signs definitive agreement for additional Thunder Bay Silver Properties
  • The new claims comprise substantial portions of the historic Victoria Mine and Federal Mine silver properties, plus the Lily of the Valley, Caribou and Cloud Bay prospects
  • In consideration for an 80 per cent interest in the project, Honey Badger Silver has agreed to issue shares of the Company to Romios Gold for a value of C$150,000
  • In addition, Romios Gold shall grant a right of first refusal to Honey Badger Silver on its 20 per cent remaining interest, post-transaction
  • Honey Badger Silver Inc. (TUF) is in the grey and is trading at C$0.13 at 10:59 am ET

Honey Badger Silver Inc. (TUF) has signed the definitive agreement with Romios Gold Resources Inc.

Honey Badge Silver will acquire an 80 per cent interest and control of an additional 1,870 hectares in 87 mining claims covering historic silver properties in the Thunder Bay Silver District.

The agreement succeeds the LOI entered into by the parties announced on April 27, 2021.

The new claims comprise substantial portions of the historic Victoria Mine and Federal Mine silver properties, plus the Lily of the Valley, Caribou and Cloud Bay prospects.

“This acquisition solidifies Honey Badger Silver’s dominant position in this historic high-grade silver camp and furthers our strategy to create a high-value, high-growth silver company leveraging our regional positioning in world-class silver districts,” said Chad Williams, Executive Chairman.

In consideration for an 80 per cent interest in the project, Honey Badger Silver has agreed to issue shares of the Company to Romios Gold for a value of C$150,000 at a price equal to the volume-weighted average price of its common shares.

It also agreed to free-carry all costs and expenses related to the maintenance and advancement of the project to pre-feasibility.

Immediately after completion of the pre-feasibility study, the parties shall enter into a joint venture agreement to continue advancing the project towards commercial production.

In addition, Romios Gold shall grant a right of first refusal to Honey Badger Silver on its 20 per cent remaining interest, post-transaction.

If any party is diluted to a 10 per cent or less interest in the joint venture, such party’s interest shall be converted to a 2 per cent net smelter return royalty with an option to buy back half for C$ 2,000,000. 
Honey Badger Silver is a Canadian Silver company based in Toronto, Ontario focused on the acquisition, development, and integration of accretive transactions of silver ounces.

Honey Badger Silver Inc. (TUF) is in the grey and is trading at C$0.13 at 10:59 am ET.

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