Heritage Mining Announces Non-Brokered Private Placement of Units and Flow-Through Units
Executive Summary
- Heritage Mining announced a non‑brokered private placement of up to 30 million units (10 M regular Units and 20 M flow‑through Units) for gross proceeds of up to $810,000.
- Each Unit includes one common share and a warrant; each FT Unit includes one flow‑through share and a warrant, with warrants exercisable at $0.05 per share for up to 60 months.
- Proceeds will fund exploration drilling on the Drayton‑Black Lake and Contact Bay projects, cover general working capital, and may be used for eligible Canadian exploration expenses qualifying for the Critical Mineral Exploration Tax Credit.
Key Details
- Units Offered:
- Up to 10,000,000 regular Units at $0.025 per Unit → $250,000 gross proceeds.
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Up to 20,000,000 flow‑through (FT) Units at $0.028 per FT Unit → $560,000 gross proceeds.
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Composition of Units:
- Regular Unit = 1 common share + 1 common‑share purchase warrant.
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FT Unit = 1 flow‑through common share (eligible for Canadian tax incentives) + 1 warrant.
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Warrant Terms:
- Exercise price: $0.05 per share.
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Expiry: 60 months from the closing date, at 4:30 pm PT on the expiry day.
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Closing Date: Expected on or around November 28, 2025; subject to customary approvals.
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Use of Proceeds:
- Fund planned exploration and drilling programs at the Drayton‑Black Lake and Contact Bay projects.
- Provide general working capital.
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Eligible FT proceeds to be applied toward Canadian exploration expenses qualifying for the Critical Mineral Exploration Tax Credit.
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Finder’s Fees:
- Cash fee of 7 % of gross proceeds plus compensation unit warrants equal to 7 % of gross proceeds (each warrant gives one common share and one warrant at $0.05 exercise price, exercisable for 60 months).
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Additional cash fee of 1.0 % on units/FT shares issued under a President’s list, payable per CSE rules.
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Hold Period: Securities issued will be subject to a four‑month hold period under applicable securities laws.
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Lead Orders: The company secured lead orders totaling up to C$550,000 from insiders, institutions, advisors, consultants, and existing shareholders.
Notable Quotes
“Heritage Mining Ltd. has secured lead orders totaling up to C$550,000 from insiders, institutions, advisors, consultants, and existing shareholders. We are grateful for the continued support of existing stakeholders and look forward to closing the financing on or around November 28, 2025.” – Peter Schloo, President, CEO & Director.