Insiders are convinced of the projects' potential
Heritage Mining (WKN A3DTM6 / CSE HML) is planning further exploration activities at the Drayton Black Lake Project. These will include, among other things, the use of drones to carry out magnetic field measurements at the Contact Bay target area. Heritage Mining has made great 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. A total of 940,000 units and a further 5,500,000 tax-advantaged flow-through units were issued. Each unit was issued at a price of CAD 0.05. The issue of the normal units generated CAD 47,000 in fresh funds for the company, while Heritage Mining was able to generate CAD 275,000 from the flow-through units.
Each unit consists of one common share of Heritage Mining and one warrant, as is common practice in Canada. The warrants have a term of 36 months and can be exercised at a price of CAD 0.10. In addition, debt in the amount of CAD 33,212 was converted into equity through the issuance of 664,240 new common shares of the company.
Insiders are convinced of the projects’ potential and are subscribing for further shares
The high level of participation by insiders in the two tranches of the latest capital increase is worthy of particular mention. While the insiders subscribed for 100,000 common shares and one million flow-through shares in the first tranche, a further 800,000 shares were subscribed for in the second tranche.
In total, the company received CAD 1,398,002 in fresh funds from both tranches. This means that Heritage Mining has succeeded in raising sufficient funds for its upcoming activities, thus ensuring the continuation of its planned exploration activities. At the same time, however, the inevitable dilution for existing shareholders could be kept comparatively low.
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According to §34b WpHG and § 48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, principals or employees of GOLDINVEST Consulting GmbH hold shares of Heritage Mining Ltd. and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares of Heritage Mining Ltd. at any time, which could influence the price of the shares. In addition, there is a consulting or other service contract between Artic Fox Lithium Corp. and GOLDINVEST Consulting GmbH, with which a further conflict of interest exists, since Heritage Mining Ltd. remunerates GOLDINVEST Consulting GmbH for reporting.
