Heritage Mining arranges $1.15M private placement

Executive Summary

• Heritage Mining Ltd. announced a non-brokered private placement of flow-through shares and units with gross proceeds of up to $1.15 million.
• The offering includes 18.75 million flow-through shares at $0.04 each and 10 million units at $0.04 each.
• Proceeds will be used for follow-on exploration work on the company's Ontario mineral properties, specifically the Melba and Drayton-Black Lake projects.

Key Details

• Total Gross Proceeds: Up to $1.15 million.
• Flow-Through Shares:
  • Quantity: Up to 18.75 million FT shares.
  • Price: $0.04 per share.
  • Gross Proceeds: Up to $750,000.
  • Use of Proceeds: To incur eligible Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures for projects in Ontario.
  • Renunciation: Qualifying expenditures to be renounced to subscribers effective Dec. 31, 2026.
  • Expenditure Deadline: On or before Dec. 31, 2027.
• Units:
  • Quantity: Up to 10 million units.
  • Price: $0.04 per unit.
  • Gross Proceeds: Up to $400,000.
  • Composition: Each unit consists of one common share and one common share purchase warrant.
  • Warrant Terms: Each warrant allows acquisition of one common share at an exercise price of $0.05.
  • Warrant Expiry: 60 months from the closing date.
• Closing: Expected on or before March 31, 2026.
• Hold Period: Securities subject to a four-month hold period under applicable securities laws.
• Finder’s Fees:
  • Standard Fee: 7% in cash and 7% in compensation unit warrants (based on gross proceeds).
  • Compensation Unit Warrants: Entitle holder to acquire one common share and one warrant at an exercise price of $0.05 for 60 months following closing.
  • President’s List Fee: 1.0% in cash compensation on specific orders.
• Lead Orders: $460,000 secured from insiders, institutions, advisers, consultants, and existing shareholders.

Notable Quotes

• "Heritage Mining Ltd. has secured lead orders totalling $460,000 from insiders, institutions, advisers, consultants and existing shareholders. We are grateful for the continued support of existing stakeholders and look forward to closing the financing later this month," commented Peter Schloo, president, chief executive officer and director.