Hemlo Explorers (TSXV:HMLO) increases placement to $3.5M

• Mineral exploration company, Hemlo Explorers (HMLO) has increased its non-brokered private placement, due to high levels of interest
• The company will now sell up to five million units at C$0.70 each for gross aggregate proceeds of $3.5 million
• Each unit will consist of one common share in Hemlo and one half of a common share purchase warrant
• The company will use the proceeds for exploring and advancing its Hemlo area properties, plus general corporate purposes
• Hemlo Explorers (HMLO) is up 10.71 per cent and is currently trading at 93 cents per share

Mineral exploration company, Hemlo Explorers (HMLO) has increased its non-brokered private placement, due to high levels of interest.

As a result of the size increase, the company will now sell up to five million company units, at a price of 70 cents each. This will produce gross aggregate proceeds of up to C$3.5 million. 

Each unit in the private placement will consist of one common share in Hemlo, and one half of a common share purchase warrant. One whole warrant will allow the holder to buy one more common share in the company, at an exercise price of $1.20.

Warrants can be exercised within 18 months of the offering’s closing date, although this condition is subject to accelerated expiry terms. The warrant exercise deadline may be accelerated if Hemlo’s common shares trade at $2.50 or more each for 20 consecutive trading days.

Any of the securities which are issued through the private placement are subject to a hold period of four months and one day, from the issuance date. The company may also pay finder’s fees on a portion of the placement.

However, the offer is still subject to approval from the TSX Venture Exchange.

Hemlo Explorers will use the proceeds from the placement for exploring and advancing its Hemlo area properties. These include the North Limb, Hemlo West, and the Pic Project.

Some of the funds from the offering may also go towards the company’s general corporate purposes.

Hemlo Explorers (HMLO) is up 10.71 per cent and trading at 93 cents per share at 2:46pm EDT.