Hercules Metals closes $17.25-million private placement

Executive Summary

• Hercules Metals Corp. closed a brokered private placement, selling 24,644,500 common shares at C$0.70 per share for gross proceeds of US$17.25 million.
• The offering was fully subscribed; agents received a cash commission of 6% (3% on certain president’s‑list sales).
• Net proceeds will be used to fund exploration and development of the 100%-owned Hercules property in western Idaho and for general working capital.

Key Details

• Shares sold: 24,644,500 common shares.
• Price per share: C$0.70 (≈ US$0.70).
• Gross proceeds: US$17,251,150.
• Agents/co‑lead bookrunners: Canaccord Genuity Corp., BMO Capital Markets, and First Nations Financial Markets LP.
• Financing structure: Private placement under the listed issuer financing exemption (NI 45‑106) in Canada (excluding Quebec), U.S. securities law exemptions, and other applicable jurisdictions. No statutory hold period except TSX V’s four‑month hold.
• Commission to agents: 6% of gross proceeds; reduced 3% commission on sales to certain president’s‑list purchasers.
• Related party transaction: One director subscribed for 71,400 shares (US$49,980); exempt from MI 61‑101 valuation and minority approval thresholds (<25% market cap).
• Use of proceeds: Exploration and development of the Hercules property in western Idaho; general working capital.
• Closing conditions: Subject to customary post‑closing filings and final acceptance by the TSX Venture Exchange.

Notable Quotes

(No direct quotes were provided in the release.)