Heritage Mining Closes First Tranche to Drive Exploration at Historic Melba Mine

Executive Summary

• Heritage Mining closed the first tranche of its non‑brokered private placement, raising gross proceeds of $500,000.99.
• The offering consisted of 2,000,000 Units at $0.025 each and 16,071,464 FT Units at $0.028 each, with warrants attached to each unit.
• Proceeds are earmarked for eligible Canadian exploration expenses (including the Critical Mineral Exploration Tax Credit), drilling programs on the Drayton‑Black Lake and Contact Bay projects, and general working capital.

Key Details

• Units Issued: 2,000,000 Units → $50,000 gross proceeds @ $0.025 per Unit.
• FT Units Issued: 16,071,464 FT Units → $450,000.99 gross proceeds @ $0.028 per FT Unit.
• Unit Composition: Each Unit = 1 common share + 1 common‑share purchase warrant (exercise price $0.05).
• FT Unit Composition: Each FT Unit = 1 flow‑through common share + 1 warrant (same exercise terms).
• Warrant Terms: Exercise price $0.05 per share; exercisable until 60 months after closing (expiry at 4:30 pm PT on that date).
• Use of Proceeds:
• Eligible Canadian exploration expenses qualifying as flow‑through mining expenditures and eligible for the Critical Mineral Exploration Tax Credit.
• Funding of planned exploration and drilling programs on the Drayton‑Black Lake Project and Contact Bay.
• General working capital.
• Hold Period: Securities subject to a four‑month hold period under applicable securities laws.
• Finder’s Fees Paid: $31,500.07 in cash plus 1,125,003 compensation unit warrants (each conferring one common share and one warrant at $0.05 exercise price for 60 months).
• Finder’s Fee Structure: 1.0% cash compensation on the number of Units or FT Shares issued, payable per CSE rules.
• Management Comment: “This prompt closing of the first tranche allows Heritage Mining to maintain its exploration momentum, with our primary focus remaining on the Melba Project… we look forward to completing the final tranche in short order.” – Peter Schloo, President, CEO & Director.

Notable Quotes

“This prompt closing of the first tranche allows Heritage Mining to maintain its exploration momentum, with our primary focus remaining on the Melba Project. We appreciate the continued support of both new and existing stakeholders and look forward to completing the final tranche in short order.” – Peter Schloo, President, CEO & Director.