Liberty Lake, Washington, October 5, 2015 – Hunt Mining Corp. (“Hunt” or the “Corporation”) (TSXV: “HMX”) is pleased to announce the Corporation has arranged a non-brokered private placement offering for new capital, in accordance with the TSX Venture Exchange's notice to issuers dated April 7, 2014 and August 17, 2012 and will require a discretionary pricing waiver in order to close the private placement.
The Corporation intends to raise maximum aggregate gross proceeds of up to $500,000. It is expected the majority of the proceeds will be subscribed for by related parties to the Corporation, however, the private placement is being offered to all current shareholders of the Corporation who wish to participate. The private placement is not expected to result in the creation of any new control persons or a change of control. The non-brokered private placement will consist of up to 25,000,000 million units at $0.02 per unit, consisting of one common share and one common share purchase warrant. Each share purchase warrant will entitle the holder to purchase one common share at a price of $0.05, exercisable for a period of five years from closing.
The proceeds will be used to fund existing exploration and development activities in Santa Cruz, Argentina and for general working capital purposes. More specifically, if the offering is fully subscribed, the Corporation would use: (i) $ 300,000 for advance development and exploration needed to develop drilling targets: geologic mapping, surface geochemical surveys, (chip/channel/trench) sample collection, assaying and +/- geophysical surveys; (ii) $145,000 to complete claims maintenance, surface leases, national and provincial taxes, permits and fees; and (iii) up to $55,000 on general and administrative expenses. The Corporation fully expects to spend the funds as stated; there may be circumstances, for sound business reasons, where a reallocation of funds may be necessary.
All securities issued under the private placement will be subject to a four month hold period from the day of closing.
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 approximately 64,000 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. This, and additional information can be viewed at www.huntmining.com.
For more information contact:
Chief Financial Officer
T: (509) 290 5659
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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.