Liberty Lake, Washington, October 21, 2014 – Hunt Mining Corp. (the “Corporation”) (TSX VENTURE: “HMX”) announces a non-brokered private placement offering for new capital to accredited investors, in accordance with the TSX Venture Exchange's notice to issuers dated April 7, 2014, and Aug. 17, 2012.
The non-brokered private placement 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 who had expressed an interest. 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 million units at two cents 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 five cents, exercisable for a period of one year from closing.
The corporation intends to use up to $350,000 of the proceeds for the company's ongoing exploration and development on the La Josefina and La Valenciana Projects located in Santa Cruz, Argentina, as general working capital. More specifically, if the offering is fully subscribed, the Corporation would use: (i) $ 350,000 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) $95,000 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.
This private placement is subject to a four-month hold period from the date of closing, and is subject to TSX-V review and acceptance.
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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.