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Heritage Mining Announces Closing of the First Tranche of its Non-Brokered Private Placement of Units and Flow-Through Shares
VANCOUVER, BC – TheNewswire - October 21, 2024 – Heritage Mining Ltd. (CSE: HML) (“Heritage” or the “Company”) is pleased to announce that it has closed the fir
About this update from Heritage Mining Ltd.
[{"type":"text","content":"VANCOUVER, BC – TheNewswire - October 21, 2024 – Heritage Mining Ltd. (CSE: HML) (“Heritage” or the “Company”) is pleased to announce that it has closed the first tranche (“Tranche One”) of its fully allocated non-brokered private placement financing previously announced on September 23, 2024. The Company raised an aggregate of $1,076,002.00 pursuant to Tranche One, of which $605,002 was raised on the issuance of 12,100,040 flow-through Shares (“FT Shares”) and $471,000 was raised on the issuance of 9,420,000 units (“Units”). Each Unit was issued at a price per Unit of $0.05 and is comprised of one common share in the capital of the Company (“Common Share”) and one Common Share purchase warrant entitling the holder to acquire one Common Share for a period of 36 months at an exercise price of $0.10 (“Warrant”). Each FT Share was issued at a price of $0.05 and is comprised of one Common Share which will qualify as a “flow-through share” as defined in subsection 66(15) of the Income Tax Act (Canada) and one Warrant. Michael Wekerle, Managing Director of Altitude Capital, Commented: \"The completion of Tranche One demonstrates the market’s confidence in Heritage Mining’s strategic vision and exploration potential. With Tranche Two on the horizon and the backing of key stakeholders, we are positioned for continued progress. The collective effort of our team and investors is invaluable, and we look forward to advancing our projects.\" Peter Schloo, President, CEO and Director, Commented: \"We are pleased to announce the closing of Tranche One of our private placement, which reflects the strong support from our existing stakeholders and new investors. This is a critical step in advancing our exploration efforts, and we are grateful for the confidence shown in our projects. Tranche Two is expected to close imminently, pending the finalization of paperwork from key stakeholders. We sincerely appreciate the ongoing support from all involved. Capital is being deployed immediately towards geophysics for both the Drayton-Black Lake and Contact Bay projects, as well as a drilling deposit for an anticipated mid-November drilling commencement. Additional details will be provided in short order, and we look forward to advancing our Ontario project portfolio on schedule.\" The Company paid an aggregate $33,835.12 in cash com...