VANCOUVER, B.C. – Arctic Hunter Energy Inc. (TSX-V: AHU) (“Arctic Hunter” or the “Company”) announces that it has increased the size of its non-flow through private placement and will not be proceeding with the flow through portion of the private placement previously announced on October 8, 2020. The Company will raise gross proceeds of up to C$750,000 (the “Private Placement”) through the issuance of up to 5,000,000 non-flow through units (the “Units”) consisting of one common share and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one common share in the capital of the Company at an exercise price of $0.25 per share for a period of three years from the date of issuance. All other terms of the Private Placement remain unchanged.
As previously announced on October 26, 2020, the Company has closed the first tranche of the Private Placement for gross proceeds of C$457,500 through the issuance of an aggregate of 3,050,000 Units. The Company anticipates closing the balance of the private placement in the next 14 days. The Company still anticipates carrying out a flow-through financing prior to December 31, 2020, with terms to be negotiated and announced in mid-November.
Gross proceeds from the Private Placement will be used by the Company for exploration work planned to take place during the 2020-2021 field season on its 14,800-hectare Trans Canada Gold Project situated near the Dryden gold district in Northwest Ontario Canada. The Company intends to use the balance of the proceeds of the Private Placement for any new costs associated with the acquisition and exploration of the Company’s new gold exploration assets, legal and accounting costs and general working capital.
Trans Canada Gold Project – The Dinorwic Gold Property
The Trans-Canada Gold Property consists of 741 non-surveyed contiguous mineral cell claims totaling 14,880 hectares located within the Kenora Mining Division of Ontario. The property is located within the Wabigoon Greenstone Belt, which also contains the Thunder Lake Gold deposit and the Goldlund Gold Deposit. The Property contains a number of large shear zones containing quartz carbonate veins, pyrite and arsenopyrite, underlain by mafic volcanics with felsic volcanics in the south. There is a large regional scale iron carbonate alteration within the property, which is considered to be similar to that of the Red Lake Mining Camp. The regional scale Carbonate alteration within the property associated with shear zones within iron-tholeiite are prime targets for gold exploration. The property has excellent access, with the Trans-Canada highway bisecting multiple high priority targets in a north-south direction, as well has close proximity to the large community of Dryden, Ontario. The property has access to first class infrastructure, with close proximity to a number of rail corridors and power lines.
A number of gold exploration targets have been identified within the property based on their association with regional alteration, known gold showings, shear zones, complex patterns and offsets in the regional magnetic map as well as spatial association with regional structures that has the potential to be well endowed with gold mineralization.
Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved of the technical information disclosed in the news release.
ABOUT ARCTIC HUNTER – GOLD MINERAL EXPLORATION /OIL AND GAS PRODUCTION
The Company is a Canadian Gold and Mineral exploration and Oil & Gas Resource Development Company, that is currently focused in developing its’ District Scale Gold exploration project in Ontario, and increasing its production capabilities, obtaining potential future oil production revenues. The Company identifies, acquires and finances the acquisition of gold exploration properties and the ongoing development of mining and oil and gas assets primarily situated in Canada, a time-honored safe mineral exploration jurisdiction. The Company is currently reviewing a number of District Scale gold mineral exploration property opportunities, and identifying low risk exploration opportunities through selective acquisitions and development of mining exploration assets situated in these favorable resource jurisdictions. The Company has qualified Senior exploration management and Geological Mining teams of professionals, seasoned in exploration production, field exploration and drilling. The Company has the necessary manpower in place to develop its natural resource properties and manage its production properties. The Company is committed to minimizing risk through the selective property acquisitions and responsible exploration and development of mining and petroleum and natural gas resource assets.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO
Arctic Hunter Energy Inc.
Tel: (604) 681-3131
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.