- Honey Badger Silver (TUF) has signed a non-binding term sheet to acquire a 100 per cent interest in the Cachinal Silver-Gold Project from Aftermath Silver Ltd.
- Honey Badger and Aftermath are working to finalize a definitive agreement
- Share payment involves C$1,000,000 in shares of Honey Badger
- Cash payment includes $400,000 payable at closing, b) $452,000 six months after closing, c) $400,000 on May 21, 2023 and d) $400,000 eighteen months after closing
- 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. was down 9.091 per cent, trading at $0.05 at 12:50 PM ET
Honey Badger Silver (TUF) has signed a non-binding term sheet to acquire a 100 per cent interest in the Cachinal Silver-Gold Project from Aftermath Silver Ltd.
The Cachinal De La Sierra Silver-Gold Project is located in the Cachinal de la Sierra area in Chile’s Antofagasta region (Region II).
The proposed transaction includes an exclusivity period that ends on August 15, 2022. Honey Badger and Aftermath are working diligently to finalize a definitive agreement on or before this date.
“We are very pleased to announce a further accretive addition to our growing portfolio of silver assets,” said Chad Williams, Director and Non-Executive Chair of Honey Badger.
“Cachinal is a significant known silver resource located in a favorable jurisdiction, and we believe Cachinal will be transformational for Honey Badger,” he added. The Term Sheet contemplates that Honey Badger or an affiliate will acquire all of the issued and outstanding shares of Minera Cachinal S.A., a wholly-owned subsidiary of Aftermath, according to some terms.
Share payment involves C$1,000,000 in shares of Honey Badger. Cash payment includes $400,000 payable at closing, b) $452,000 six months after closing, c) $400,000 on May 21, 2023 and d) $400,000 eighteen months after closing
Honey Badger shall grant a 1 per cent net smelter return royalty with a complete buyback option at Honey Badger’s sole discretion for a purchase price of C$8,500,000.
Upon commencement of commercial production, Honey Badger shall pay in cash or shares at Aftermath’s option, C$0.50 per payable silver ounce produced at the Cachinal Project, capped at C$2,000,000 in payments.
Cachinal is a low-sulphidation epithermal deposit located in the Paleocene Gold Belt of northern Chile.
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. was down 9.091 per cent, trading at $0.05 at 12:50 PM ET.
