Hercules Metals closes C$4.5M private placement with incoming team

Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) (FSE: C0X) has closed a non-brokered private placement, issuing 7,258,066 common shares at C$0.62 per share for gross proceeds of approximately C$4.5 million.

The shares were purchased by former members of the Arizona Sonoran Copper Company Inc. management team, who are joining Hercules. The offering remains subject to final acceptance by the TSX Venture Exchange, and the issued shares carry a statutory hold period expiring four months and one day from the date of issuance under Canadian securities laws.

According to a press release, the company intends to use the net proceeds to fund continued drilling and expansion of its Leviathan porphyry copper system in western Idaho, exploration of additional porphyry targets, geological and resource modeling, and general working capital and corporate purposes.

Hercules holds a 100%-owned project in western Idaho, where it discovered the Leviathan porphyry copper system in 2023. The company controls more than 100,000 acres of mineral rights across a 73-kilometer copper belt.

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