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  • Hemlo Explorers Inc. (HMLO) has closed the second and final tranche of its non-brokered private placement
  • In the final tranche, Hemlo Explorers issued 1,289,444 units each comprised of one non flow-through common share and half of one common share purchase warrant
  • Also issued were 120,000 flow-through units each comprised of one flow-through common share and half of one warrant, for aggregate gross proceeds of approximately $321,325
  • The proceeds of the flow-through unit portion of the offering will be used for the exploration of the Hemlo area properties, and the proceeds of the unit portion will be used for general corporate purposes and exploration of Hemlo Explorers’ properties
  • Hemlo Explorers paid certain cash finder’s fees and issued 57,900 finder’s warrants in respect of subscriptions for units and flow-through units referred by such finders
  • Hemlo Explorers Inc. (HMLO) is up 2.56 per cent and is trading at $0.20 per share as of 12:34 p.m. EST

Hemlo Explorers Inc. (HMLO) has closed the second and final tranche of its previously announced non-brokered private placement.

In the final tranche, Hemlo Explorers issued 1,289,444 units each comprised of one non-flow-through common share and half of one common share purchase warrant.

Also issued were 120,000 flow-through units each comprised of one flow-through common share and half of one warrant, for aggregate gross proceeds of approximately $321,325.

In total, the two tranches of the offering consisted of an aggregate of 6,214,776 units and 1,649,300 flow-through units for aggregate gross proceeds of $1,827,143.

The common share component of each flow-through unit was issued as a flow-through share.

Each warrant is exercisable to acquire one common share of Hemlo Explorers at an exercise price of $0.40 per warrant share until May 25, 2023.

This option is subject to accelerated expiry terms following the four-month and a day hold period if Hemlo Explorers’ common shares trade at or above $0.80 per share for 20 consecutive days.

In that 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.

The proceeds of the flow-through unit portion of the offering will be used for the exploration of the Hemlo area properties, and the proceeds of the unit portion will be used for general corporate purposes and exploration of Hemlo Explorers’ properties.

Hemlo Explorers paid certain cash finder’s fees and issued 57,900 finder’s warrants in respect of subscriptions for units and flow-through units referred by such finders.

Each finder’s warrant is exercisable to acquire one common share of Hemlo Explorers at an exercise price of $0.225 per warrant share until May 25, 2023.

Hemlo Explorers Inc. (HMLO) is up 2.56 per cent and is trading at $0.20 per share as of 12:34 p.m. EST.

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