Business
Hemlo Explorers Announces Closing of Final Tranche of Non-Brokered Private Placement
TORONTO, July 21, 2023 (GLOBE NEWSWIRE) -- Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to announce that it has closed the second and final tran
About this update from Rocky Shore Gold Limited
[{"type":"text","content":" TORONTO, July 21, 2023 (GLOBE NEWSWIRE) -- Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the “Offering”). In the final tranche, the Company issued 300,000 units (“Units”), each comprised of one non flow-through common share and one common share purchase warrant (each, a “Warrant”) and 4,011,110 “flow-through” units (“FT Units”), each comprised of one flow-through common share and one Warrant, for aggregate gross proceeds of approximately $383,500. In total, the two tranches of the Offering consisted of an aggregate of 7,593,333 Units at a price of $0.075 per Unit and 6,302,220 FT Units at a price of $0.09 per FT Unit for aggregate gross proceeds of $1,136,700. The common share component of each FT Unit was issued as a “flow-through share” (as defined in subsection 66(15) of the Income Tax Act (Canada)). Each Warrant is exercisable to acquire one common share of the Company (a “Warrant Share”) at an exercise price of $0.15 per Warrant Share until December 30, 2024, but subject to accelerated expiry terms following the four month and a day hold period (as further described below) if the Company’s common shares trade at or above $0.50 per share for 20 consecutive days in which case the Company will have the right to accelerate the exercise period to a date ending at least 30 days from the date that notice of such acceleration is provided to the holders of the Warrants. The proceeds of the FT Unit portion of the Offering will be used for the exploration of the Company’s Hemlo area projects, and the proceeds of the Unit portion of the Offering will be used for general corporate purposes and exploration of the Company’s properties. In connection with the closing of the second tranche of the Offering, the Company paid certain cash finders fees ($26,118 in aggregate over both tranches of the Offering) and issued 54,000 finder’s warrants (324,800 in aggregate over both tranches of the Offering) (each, a “Finder’s Warrant”) to eligible finders in respect of subscriptions for Units and FT Units referred by such finders. Each Finder’s Warrant is exercisable to acquire one common share of the Company (a “Finder’s Warrant Share”) at an exercise price of $0.075 per Finder’s Warrant Share until December 30, 202...