Huntsman Closes $2.1 Million Private Placement
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DISSEMINATION IN THE UNITED STATES
Huntsman Closes $2.1 Million Private Placement
Vancouver, British Columbia, November 29, 2021 – Huntsman Exploration Inc. (TSXV: HMAN;
US:BBBMD) (the “ Company” or “ Huntsman”) is pleased to announce that it has closed a private
placement of 31,027,529 shares of the Company at $0.07 per share for total gross proceeds of $2,171,927.
For its efforts in finding certain pl acees, the Company paid a total of $114,092.81 in finder’s fees to an
arm’s length party.
Two insiders of the Company participated in the pr ivate placement for aggregate subscriptions of 882,857
shares. Participation of insiders of the Compa ny in the private placement constitutes a related party
transaction as defined under Mu ltilateral Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions (“MI 61-101”). The Company has relied on the exemption from the formal valuation
requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a) of MI 61-101 and the exemption
from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of
MI 61-101.
Proceeds of the private placement will be used fo r exploration on the Company’s Canegrass property,
acquisition costs relating to the final payment and e xploration work on the Baxter Spring property, and
general working capital. All securities issued under the placement will be subject to regulatory hold periods
expiring four months and one day from the date of issue.
Canegrass Property Update
With funding for future exploration work now secure d, the Company looks forward to providing a further
detailed update with respect to the planned exploration program at Canegrass once it is finalized in the
coming weeks.
The Company also wishes to advise that as part of the Western Australian Mining Act , the Company is
required to surrender 40% of its tenement tenure on the sixth anniversary of the tenements grant date which
has since passed. The original tenure consisted of 14 exploration blocks and as such, the Company was
required to surrender 6 of the existing exploration blocks.
A comprehensive review of the exploration potenti al for nickel and base metals was conducted by the
Company together with its consultants, and it was concluded that the tenure surrendered was deemed the
least prospective given the levels of historical expl oration conducted and would not in any way hinder the
Company’s exploration efforts at the Canegrass Project on a go forward basis.
A map of the new tenement outline is included in Figure 1.
Figure 1: Updated Tenure at Canegrass
On Behalf of the Board of Huntsman Exploration Inc.
Scott Patrizi
President and Chief Executive Officer
For more information, please contact 1-855-584-0160 or [email protected].
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their 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.
Forward Looking Statements: Statements contained in this news release that are not historical facts are forward-
looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that
may cause the actual results to differ materially from thos e anticipated in our forward-looking statements. Although
we believe that the expectations in our forward-looking st atements are reasonable, actual results may vary, and we
cannot guarantee future results, levels of activity, performance or achievements.