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Heritage Mining Announces Closing of Third Tranche of Non-Brokered Private Placement of Units and Flow-Through Units
VANCOUVER, BC – TheNewswire - August 21, 2023 – Heritage Mining Ltd. (CSE:HML) (FRA:Y66) (“Heritage” or the “Company”) is pleased to announce that it has closed
About this update from Heritage Mining Ltd.
[{"type":"text","content":"VANCOUVER, BC – TheNewswire - August 21, 2023 – Heritage Mining Ltd. (CSE:HML) (FRA:Y66) (“Heritage” or the “Company”) is pleased to announce that it has closed the third and final tranche (“Tranche Three”) of its non-brokered private placement financing previously announced on August 2, 2023 and March 31, 2023. The Company raised an aggregate of $472,399.69 pursuant to Tranche Three, of which $432,399.69 was raised on the issuance of 4,804,441 units (“Units”) and $40,000.00 was raised on the issuance of 400,000 flow-through units (“FT Units”). Each Unit was issued at a price per Unit of $0.09 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 from issuance at an exercise price of $0.15 (“Warrant”). Each FT Unit was issued at a price per FT Unit of $0.10 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 $6,840.00 in cash commissions and issued an aggregate of 76,000 compensation options (the “Compensation Options”) in connection with Tranche Three. Each Compensation Option entitles the holder to acquire one Compensation Option Unit for a period of 36 months from issuance at an exercise price of $0.09. Each Compensation Option Unit consists of one Common Share and one Warrant. Proceeds of Tranche Three will be used to fund the Company's previously announced exploration and drilling program on its flagship Drayton-Black Lake Project, in addition to general working capital. All securities issued pursuant to the Tranche Three are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The Company looks forward to continuing to advance its planned exploration program on the Drayton-Black Lake Project on schedule. For further information about the Company, please see the Heritage's profile on SEDAR at www.sedar.com. 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...