- Hercules Silver (BIG) has closed its previously announced brokered private placement offering for gross proceeds of $5,750,000
- Hercules plans to use the net proceeds for exploration as well as for working capital and general corporate purposes
- Hercules is a junior mining company focusing on exploration and development of its Hercules Silver Project, northwest of Cambridge, Idaho
- Hercules Silver Corp. (BIG) is down 2.04 per cent, trading at C$0.24 per share at 2:48 pm ET
Hercules Silver (BIG) has closed its previously announced brokered private placement offering for gross proceeds of $5,750,000.
The proceeds include the full exercise of the agents’ option. Canaccord Genuity Corp. as part of a syndicate of agents including Research Capital Corporation and 3L Capital Inc., led the offering.
The company issued 28,750,000 units at $0.20 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at $0.30 for 24 months from closing date.
Hercules plans to use the net proceeds for exploration as well as for working capital and general corporate purposes.
Closing of the offering is subject to final approval by the TSX Venture Exchange. All securities issued will be subject to a statutory hold period of four months.
The company paid 6.0 per cent cash commission and issued 6 per cent broker warrants in connection to this offering. Each broker warrant entitles the holder to purchase one common share at $0.20 for 24 months following the closing date.
About Hercules Silver
Hercules is a junior mining company focusing on exploration and development of its Hercules Silver Project, northwest of Cambridge, Idaho.
The company’s 100 per cent owned Hercules project is a disseminated silver-lead-zinc system. It has 28,000 meters of historical drilling across 3.5 kilometers of strike.
Hercules Silver Corp. (BIG) is down 2.04 per cent, trading at C$0.24 per share at 2:48 pm ET.