Business
Heritage Mining Announces Closing of Strategic Investment
VANCOUVER, BC, May 14, 2025 – TheNewswire - Heritage Mining Ltd. (CSE: HML) (“Heritage” or the “Company”) is pleased to announce that, further to its news relea
About this update from Heritage Mining Ltd.
[{"type":"text","content":"VANCOUVER, BC, May 14, 2025 – TheNewswire - Heritage Mining Ltd. (CSE: HML) (“Heritage” or the “Company”) is pleased to announce that, further to its news release dated May 7, 2025, it has closed its non-brokered private placement consisting of 3,000,000 flow-through units (“FT Units”) at a price of $0.05 per FT Unit for gross proceeds of C$150,000 to a strategic investor (the “Offering”). Each FT Unit consists of one flow through common share (“FT Common Share”) and one Warrant (“FT Unit Warrant”) with each FT Unit Warrant entitling the holder to purchase one Common Share at an exercise price of $0.10 for a period of 60 months from issuance, subject to acceleration provisions. Each FT Common Share will qualify as a “flow-through share” as defined in subsection 66(15) of the Income Tax Act (Canada). The Company paid an aggregate $12,000.00 in cash commissions and issued an aggregate 240,000 compensation options (the “Compensation Options”) in connection with the Offering. Each Compensation Option entitles the holder to acquire one additional Unit at a price of $0.05 for a period of 36 months following the date of issuance. Proceeds of the Offering will be used to fund the Company's previously announced exploration and drilling program on its flagship Drayton-Black Lake Project and Contact Bay, in addition to general working capital. All securities issued pursuant to the Tranche One are subject to a statutory hold period of four months plus one from the date of issuance, in accordance with applicable securities legislation. ABOUT HERITAGE MINING LTD. The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt. Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure. For further information, please contact: Heritage Mining Ltd. Peter Schloo, CPA, CA, CFA President, CEO and Director Phone: (905) 505-0918 Email: [email protected] FORWARD-LOOKING STATEMENTS This news release contains certain statements that constitute forward looking information within the meaning of applicabl...