Apparently convinced of the company, its projects, and their successful development, insiders, consultants, and existing shareholders of Heritage Mining (TSX.V: HML, FSE: Y66, WKN: A3DTM6) have declared their willingness to subscribe to additional shares of the company as part of a capital increase. This step will provide Heritage Mining with gross proceeds of up to 1.375 million Canadian dollars (CAD).
Before the 2025 exploration season begins on the Drayton-Black-Lake and Contact Bay projects near Sioux Lookout in the little-explored Eagle-Wabigoon-Manitou Greenstone Belt, Heritage Mining has secured the continued support of its shareholders through a non-brokered private placement.
Over the next few weeks, up to 13,750,000 regular units, each consisting of one common share and one option, and 13,750,000 tax-advantaged flow-through units, also containing one common share and the option to purchase an additional common share of the company, will be issued. Heritage Mining expects total gross proceeds of 1,375,000 CAD from both share classes.
Heritage Mining will issue the regular common shares at a price of 0.05 CAD per unit. Gross proceeds of up to 687,500 CAD are expected from this part of the issue. The company expects an equal gross revenue from the issuance of 13,750,000 flow-through units.
The warrants included in both units entitle the holders to purchase an additional common share of Heritage Mining at a price of 0.10 CAD per share within the next 60 months. The capital increase, which is still subject to the usual approval conditions, is expected to be completed by March 27, 2025.
Shareholders and Insiders Believe in Heritage Mining’s Success
Heritage Mining will use the proceeds from the capital increase to finance the planned exploration and drilling programs on its Drayton-Black Lake and Contact Bay projects, as well as for general working capital. Both projects are not only located in the still little-explored Eagle-Wabigoon-Manitou Greenstone Belt but also benefit from a wealth of historical data, excellent site access, and logistical support from the local population.
Not only do these advantages speak for Heritage Mining. The company is also well-capitalized and has a streamlined capital structure. Equally important is the ongoing support the company receives from insiders, institutions, and existing shareholders. They all believe in shared success and are willing to pave the way for it with their own money.
