Hercules Metals closes $50 million bought deal financing

Hercules Metals Corp. successfully completed a private placement of $50 million in common shares, raising a total of $55,776,206. The transaction, co-led by Canaccord Genuity Corp. and BMO Capital Markets, involved the issuance of 57,472,200 shares at $0.87 per share. Underwriters received a 5.0% cash commission on the gross proceeds.

Barrick Mining Corporation, a major shareholder, exercised its participation right to maintain its 10.34% stake. The company plans to use the net proceeds for exploration at the Hercules Project and general corporate purposes. The shares are subject to a four-month hold period under Canadian securities laws, and the transaction awaits final approval from the TSX Venture Exchange.

Hercules Metals is dedicated to the Hercules Project, a porphyry copper system located northwest of Cambridge, Idaho.