Insiders Are Convinced of the Projects’ Potential
Heritage Mining (WKN A3DTM6 / CSE HML) is planning further exploration activities on the Drayton-Black-Lake project. These will include, among other things, conducting drone-based magnetic surveys in the Contact Bay target area. Heritage Mining has made significant progress in financing these activities with the successful completion of the second tranche of its private placement announced in September.
A total of 322,000 Canadian dollars was raised in the second tranche. 940,000 units and an additional 5,500,000 flow-through units were issued. Each unit was issued at a price of 0.05 CAD. The issuance of regular units provided the company with 47,000 CAD in fresh funds, while Heritage Mining was able to raise 275,000 CAD through the flow-through units.
As is common in Canada, each unit consists of one common share of Heritage Mining and one option. It has a term of 36 months and can be exercised at a price of 0.10 CAD. Additionally, debts amounting to 33,212 CAD were converted into equity through the issuance of 664,240 new common shares of the company.
Insiders Are Convinced of the Projects’ Potential and Subscribe for Additional Shares
The strong participation of insiders in both tranches of the recent capital increase is noteworthy. While insiders subscribed for 100,000 common shares and one million flow-through shares in the first tranche, an additional 800,000 shares were taken up within the second tranche.
In total, the company received 1,398,002 CAD in fresh funds through both tranches. This has enabled Heritage Mining to raise sufficient money for the upcoming activities, ensuring the continuation of planned exploration activities. At the same time, the inevitable dilution of existing shareholders has been kept comparatively low.
