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Financings

Heritage Mining Announces Upsize to Non-Brokered Private Placement and Initiates U.S. Listing Process Due to Strong Demand

By The Northwire Desk — AI Analysis Mar 26, 2026 · 17:55 HML · 0.035 Heritage Mining Ltd.
HML · Price

Executive Summary

  • Heritage Mining increased its previously announced non‑brokered private placement to up to ≈18.75 million Units and ≈18.75 million flow‑through shares, targeting gross proceeds of up to $1.5 million at $0.04 per security.
  • The company disclosed plans to pursue a listing on the OTCQX Market in Q2 2026, aiming to broaden its investor base and improve liquidity while maintaining its CSE ticker “HML”.
  • Proceeds will fund follow‑on exploration at Heritage’s Ontario properties (notably Melba and Drayton‑Black Lake) and be used for eligible Canadian flow‑through critical mineral expenditures; the offering includes warrants, finder fees, and a four‑month hold period.

Key Details

  • Units Offered: up to 18,750,000 Units at $0.04 per Unit.
  • Each Unit = 1 common share + 1 common‑share purchase warrant.

  • Warrant exercise price: $0.05; expiry 60 months from closing.

  • Flow‑Through Shares (FT Shares): up to 18,750,000 FT Shares at $0.04 per FT Share.

  • Qualifying expenditures must be incurred by Dec 31 2027 and renounced by Dec 31 2026.

  • Gross Proceeds Target: $1,500,000 (combined Units and FT Shares).

  • Closing Date: Expected on or before April 18 2026; subject to customary approvals.

  • Use of Proceeds:

  • Fund follow‑on exploration at the company’s Ontario portfolio, especially the Melba and Drayton‑Black Lake projects.

  • Cover eligible Canadian flow‑through critical mineral mining expenditures.

  • Finder’s Fees & Compensation Warrants:

  • 7 % cash fee + compensation unit warrants (7 % of gross proceeds) on FT Shares/Units, exercisable at $0.04 for 60 months.

  • Additional 1.0 % cash fee on Units or FT Shares issued under a President’s list.

  • Hold Period: Securities subject to a four‑month hold period under applicable securities laws.

  • OTCQX Listing Plan:

  • Initiated regulatory and administrative steps in Q2 2026.
  • New ticker symbol to be announced prior to listing; will continue trading on CSE as “HML”.

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

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