Heritage Mining Closes Second Tranche of Private Placement and Provides Exploration Update

Executive Summary

• Heritage Mining closed a second tranche of its non‑brokered private placement, raising $105,799.95 in gross proceeds (2 M units at $0.025 and 1,992,855 FT units at $0.028).
• The company completed the purchase of the Scattergood Project, attaining 100 % ownership through issuance of 5 M common shares.
• The board approved a grant of incentive stock options for directors and consultants to purchase up to 6,140,000 common shares at $0.05 each, expiring in five years.

Key Details

• Private Placement – Units: 2,000,000 units @ $0.025 per unit → $50,000 gross proceeds.
• Private Placement – FT Units: 1,992,855 flow‑through units @ $0.028 per unit → $55,799.95 gross proceeds.
• Warrant Terms (both units & FT units): One common share purchase warrant per unit; exercise price $0.05 per share; exercisable until 60 months after closing (deadline 4:30 p.m. PT).
• Use of Proceeds: Eligible Canadian exploration expenses (flow‑through), eligibility for Critical Mineral Exploration Tax Credit, and financing of planned drilling programs on the Melba, Drayton‑Black Lake, and Contact Bay projects plus general working capital.
• Hold Period: Securities issued are subject to a four‑month hold period under applicable securities laws.
• Finder’s Fees Paid: $6,506 cash + 279,500 compensation unit warrants (each conferring one common share and one warrant at $0.05 exercise price, 60‑month term).
• Senior Officer Participation: 178,571 units purchased for $4,999.99.
• Scattergood Project Acquisition: Issued 5,000,000 common shares to sellers, achieving full (100 %) ownership of the asset.
• Stock Option Grant: Board approved incentive stock options for directors/consultants – up to 6,140,000 common shares at $0.05 exercise price; options expire five years from grant date and are subject to the company’s Stock Option Plan and CSE policies.

Notable Quotes

(No direct quotes were provided in the release.)