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CALGARY, Alberta, June 16, 2021 (GLOBE NEWSWIRE) – Huntington Exploration Inc. (TSX.V – HEI) (“Huntington“or the”Company“) is pleased to announce that it has closed its private placement with Canaccord Genuity Corp. and Sprott Capital Partners, as co-principal agents, on behalf of a syndicate of agents comprising Cormark Securities Inc. (collectively, the “Agents”) For the gross product of CA $ 6,000,000 composed of units (“HD units”) Sold for CA $ 0.28 per HD unit.

The Company also announces the completion of the private placement of flow-through units without intermediary previously announced (“FT units”) Sold at a price of CA $ 0.35 per FT unit for total gross proceeds of CA $ 2,500,000, for total gross proceeds of CA $ 8,500,000 (the “Offer“).

Each FT unit consisted of one common share of the Company each of which will be considered a “flow-through share” (within the meaning of subsection 66 (15) of the Income Tax Act (Canada) (the “Tax law”)) and a half transferable common share purchase warrant (each whole common share purchase warrant, a “To guarantee“). Each HD unit consisted of one common share of the Company and one half warrant. Each warrant will allow its holder to purchase one common share of the Company at an exercise price of CA $ 0.40 for a period of 2 years following the closing of the Offer.

The proceeds from the sale of FT shares will be used to incur “Canadian exploration expenses” which are “flow-through mining expenses” (as those terms are defined in the Tax Act) on the flagship properties. of the Company in Ontario, Canada, before December 31, 2022 (or such other period permitted under applicable tax legislation), and to forgo all such expenses in favor of subscribers of FT units as of December 31, 2021. The proceeds from the sale of the HD Units will be used for general working capital purposes and for exploration purposes on the Company’s other properties in Ontario.

In consideration for their participation in the offering, the Company paid the Agents a cash commission equal to 6.0% of the proceeds from the sale of the HD Units.

Participation in the Offer by a member of the senior management of the Company is considered to be a “related party transaction” (the “Related party“) as defined in Multilateral Instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101“). The Company has determined that, and relies on, the exemptions from the formal assessment and minority shareholder approval requirements set out in paragraphs 5.5 (a) and (b) and 5.7 (1) (a) and (b) under MI 61- 101. The Company has not filed a material change report at least 21 days before the expected closing date of the Offer that the Company has deemed reasonable in the circumstances in order to be able to rely on it. potential financing and complete the Offer quickly.

Under applicable Canadian securities laws, the securities issued in connection with the offering are subject to a four month hold period from the closing of the offering. The offering is subject to the final approval of the TSX Venture Exchange.

This press release does not constitute an offer to sell or the solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Law”) Or any state securities law and may not be offered or sold in the United States or to US Persons, unless it is registered under the US Securities Act and securities laws. applicable government securities or an exemption from such registration is available.

Investor Relations and Corporate Communication Services

Additionally, Huntington is pleased to announce that it has engaged CHF Capital Markets (‘CHF ‘) led by Cathy Hume, a highly regarded Canadian investor relations and capital markets firm, as representative. Effective immediately, the Services Agreement for Corporate Communications, Shareholder Relations, Investment Industry Outreach, and Social and Digital Marketing is for a twelve month term ending May 14, 2022. Subsequently, the contract can be extended from month to month. with one month’s notice of termination. Under the terms of the agreement, CHF will receive a monthly fee of $ 7,000, in addition to reimbursement of expenses incurred and 150,000 options. To date, options under this agreement have yet to be granted to CHF.

About Huntington

Huntington is an environmentally friendly mineral exploration company dedicated to the application of good geoscience by complying with the E3 program developed by the PDAC. Huntington plans to encapsulate success in the Red Lake vicinity, noting successful demonstrations by contemporary companies Prosper Gold and Dixie Gold Inc. Regionally, gold mineralization has been discovered following a magnetic signature formation. parallel to the regional Balmer – Narrow Lake Assemblage (Confederation Group) unconformity. . Neighbor Prosper Gold has announced the recovery of a significant number of virgin gold grains (rough and angular) recovered from systematic till samples and is currently in the midst of a 10,000 m drilling program. The magnetic formation characteristic and the projected unconformity highlighted by Prosper tend towards the Key-Hole claims at Huntington.

ON BEHALF OF THE BOARD OF DIRECTORS OF HUNTINGTON EXPLORATION
“Brian Wilson”
President and CEO
416-543-9945
[email protected]

Cathy Hume
Capital markets in CHF
Phone. : 416-868-1079 ext 253
Email: [email protected]

Note: Website development is underway with release slated for late Q2 2021

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.

Forward-looking information: This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, included in this document are forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terms such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”. , “Foreseen”, “considers”, “foresees”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions, or by the use of words or phrases indicating that certain actions, events or results can, could, would or could occur or be achieved. In particular, this press release contains forward-looking information regarding: the intended use of the proceeds of the offering, the tax treatment of FT units and the waiver of expenses to purchasers of FT units. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Huntington’s current beliefs and is based on information currently available to Huntington and on assumptions Huntington believes are reasonable. These assumptions include, but are not limited to: the final acceptance of the offering by the TSXV; market acceptance and approvals. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Huntington’s actual results, level of business, performance or achievements to differ materially from those expressed or under – understood by this forward-looking information. These risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Huntington; the timing and availability of external financing on acceptable terms; and the lack of skilled and skilled labor or the loss of key individuals. A description of the additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Huntington’s disclosure documents on the SEDAR website at the address www.sedar.com. . Although Huntington has attempted to identify material factors that could cause actual results to differ materially from those contained in the forward-looking information, other factors may cause results not to be as anticipated, estimated or expected. . Readers are cautioned that the above list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which it is based will be realized. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents Huntington’s expectations as of the date of this press release and, therefore, is subject to change after this date. However, Huntington expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.



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