HM Exploration closes private placement, grants options

Executive Summary

• HM Exploration Corp. closed a non‑brokered private placement, issuing 3,333,334 units at $0.18 per unit for total gross proceeds of $600,000.
• Proceeds will be allocated to exploration activities on existing properties and general working capital.
• The company also granted 1.3 million stock options to directors, management and consultants at an exercise price of $0.25 per share, with a five‑year term and vesting over two years.

Key Details

• Units Issued: 3,333,334 units (each unit = 1 common share + ½ transferable common share purchase warrant).
• Price per Unit: $0.18.
• Gross Proceeds: $600,000.12.
• Warrant Terms: Each warrant allows the holder to acquire one additional share at an exercise price of $0.25; warrants are exercisable for 36 months from closing.
• Statutory Hold Period: All securities issued are subject to a four‑month and one‑day hold period.
• Use of Proceeds: Funding exploration on the Devil’s Den project, the Pilley’s Island option project, and general working capital.
• Stock Option Grant: 1.3 million options granted to board members, management team, and consultants.
• Option Exercise Price: $0.25 per common share.
• Option Term: Five years, vesting in two equal tranches over two years.
• Equity Incentive Plan: Options governed by the company’s equity incentive plan; shares issued upon exercise are also subject to a four‑month hold period per CSE policies.

Notable Quotes

(No direct quotes were provided in the release.)