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Heritage Mining Announces Closing of the Second Tranche of its Non-Brokered Private Placement of Units and Flow-Through Units
VANCOUVER, BC – TheNewswire - July 2, 2024 – Heritage Mining Ltd. (CSE: HML) (“Heritage” or the “Company”) is pleased to announce that it has closed the second
About this update from Heritage Mining Ltd.
[{"type":"text","content":"VANCOUVER, BC – TheNewswire - July 2, 2024 – Heritage Mining Ltd. (CSE: HML) (“Heritage” or the “Company”) is pleased to announce that it has closed the second tranche (“Tranche Two”) of its non-brokered private placement financing previously announced on June 12, 2024 (the “Offering”). The Company raised an aggregate of $157,000.04 pursuant to Tranche Two, of which $107,000.00 was raised on the issuance of 2,140,000 units (“Units”) and $50,000.04 was raised on the issuance of 833,334 flow-through units (“FT 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 $0.075 (“Warrant”). Each FT Unit was issued at a price of $0.06 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. The Company paid an aggregate $2,600.00 in cash commissions and issued an aggregate 41,666 compensation options (the “Compensation Options”) in connection with Tranche Two. 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 Tranche Two will be used to fund the Company's exploration and drilling program on its flagship Drayton-Black Lake Project, in addition to general working capital. All securities issued pursuant to Tranche Two are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. Insiders of the Company subscribed for 2,570,000 Units under the Offering. Each transaction with an insider of the Company constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Corporation is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of such insider participation as the fair market value of the transaction, insofar as it involves interested parties, does...