LIBERTY LAKE, WASHINGTON--(Marketwired - Nov. 3, 2016) -
Not for distribution to U.S. Newswire Services or for Dissemination in the United States
Hunt Mining Corp. ("Hunt" or the "Corporation") (TSX VENTURE:HMX) is pleased to announce the Corporation intends to complete a non-brokered private placement ("Private Placement") for gross proceeds of up to CDN $1,000,000 through the issuance of 4,000,000 units at a price of CDN $0.25. Proceeds will be used to fund existing development activities in Santa Cruz, Argentina, prepare the Martha Mill ("Martha Project") for production and general working capital.
The Private Placement will consist of up to 4,000,000 units at CDN $0.25 per unit, consisting of one common share and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase one common share at a price of $0.40, exercisable for a period of 24 months from closing, subject to acceleration after 12 months where shares trade on the TSX Venture Exchange for 20 consecutive days at or above $1.00, Warrants will expire on that 20th day without further action or notice by the Corporation.
The Private Placement is subject to TSX Venture Exchange approval.
The Corporation entered into a definitive agreement to purchase the Martha Project on February 10, 2016 and closed the acquisition of the Martha Project on May 12, 2016. The Corporation remains on schedule to resume production at the Martha Project in Q4 2016. In addition to the Martha Project and associated equipment at the facility, Hunt holds a large land position in the Santa Cruz Province, Argentina of 37 properties covering an area of 1,737 km sq. (429,407 acres).
Additional information on the Martha Project and other Santa Cruz, Argentina projects can be viewed on the Company website at: www.huntmining.com.
About Hunt Mining
Hunt Mining Corp. has continued to develop its properties as an active and aggressive explorer in Santa Cruz since 2006. During that time, Hunt's wholly owned subsidiary, Cerro Cazador S.A., has completed exploration activity including 62,000 meters of HQ core drilling, 416 line kilometers of Induced Polarization geophysical surveys and more than 20,000 surface soil, sediment, channel, chip, and trench samples, beyond the historical work previous to the same properties. Hunt also owns a 100% interest in the Martha property, which includes the Martha Project, also located in the Santa Cruz Province of Argentina.
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. The Corporation has provided the forward- looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forwardlooking statements may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Corporation's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forwardlooking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Corporation will derive therefrom. Readers are cautioned that the foregoing list of factors is notexhaustive.