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Hercules Silver Corp. Announces Closing of $5.75 Million Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - April 20, 2023) - Hercules Silver Corp.  (TSXV: BIG) (OT...
About this update from Hercules Metals Corp
[{"type":"text","content":"Hercules Silver Corp. Announces Closing of $5.75 Million Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - April 20, 2023) - Hercules Silver Corp. (TSXV: BIG) (OTCQB: BADEF) (FSE: 8Q7) (\"Hercules Silver\" or the \"Company\") is pleased to announce that it has closed its previously announced brokered private placement offering (the \"Offering\") of units of the Company (\"Units\") for aggregate gross proceeds of $5,750,000, including the full exercise of the agents' option. The Offering was led by Canaccord Genuity Corp. as part of a syndicate of agents including Research Capital Corporation and 3L Capital Inc. (collectively, the \"Agents\").In connection with the Offering, the Company issued 28,750,000 Units at a price of $0.20 per Unit. Each Unit consists of one common share in the capital of the Company (each, a \"Common Share\") and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each whole Warrant entitles the holder thereof to acquire one Common Share at a price of $0.30 per Common Share for a period of 24 months from the closing date of the Offering. The net proceeds of the Offering will be used for exploration as well as for working capital and general corporate purposes.Closing of the Offering is subject to final approval by the TSX Venture Exchange (the \"TSX-V\"). The Common Shares and Warrants will be subject to a hold period of four months and one day from the closing date of the Offering in accordance with applicable securities laws.In connection with the Offering, the Company paid to the Agents a cash commission equal to 6.0% of the gross proceeds raised pursuant to the Offering (reduced to 3.0% in respect of certain purchasers) and issued to the Agents broker warrants of the Company (the \"Broker Warrants\") equal to 6.0% of the number of Units sold pursuant to the Offering (reduced to 3.0% in respect of certain purchasers). Each Broker Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.20 per Common Share for a period of 24 months following the closing of the Offering. The Offering constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") as certain insiders of the Company participated in...