Hemlo Explorers Announces Closing of First Tranche of Non-Brokered Private Placement

TORONTO, Nov. 25, 2021 (GLOBE NEWSWIRE) — Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to announce that it has closed the first tranche of the non-brokered private placement (the “Offering”) announced on October 22, 2021 and November 4, 2021. Under the first tranche of the Offering, the Company issued 4,925,332 units (“Units”), each comprised of one non flow-through common share and half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) and 1,529,300 “flow-through” units (“FT Units”), each comprised of one flow-through common share and half of one Warrant, for aggregate gross proceeds of approximately $1,505,818. The common share component of each FT Unit was issued as a “flow-through share” (as defined in subsection 66(15) of the Income Tax Act (Canada)). Each Warrant is exercisable to acquire one common share of the Company (a “Warrant Share”) at an exercise price of $0.40 per Warrant Share until May 25, 2023, but subject to accelerated expiry terms following the four month and a day hold period (as further described below) if the Company’s common shares trade at or above $0.80 per share for 20 consecutive days in which case the Company will have the right to accelerate the exercise period to a date ending at least 30 days from the date that notice of such acceleration is provided to the holders of the Warrants. Read More