Hertz Energy launches private placement to raise up to $1.6M

Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) announced a non-brokered private placement to raise gross proceeds of up to $1,607,400, according to a company statement.

The offering consists of three tranches: up to 1,664,150 charity flow-through units at $0.265 each for gross proceeds of up to approximately $441,000, designated for exploration at the company's Lake George antimony-tungsten project in New Brunswick; up to 1,665,600 charity flow-through units at $0.25 each for gross proceeds of up to $416,400, earmarked for exploration at its Craig silver project in Yukon; and up to 4,166,666 hard-dollar units at $0.18 each for gross proceeds of up to approximately $750,000, to be used for general working capital and corporate purposes.

Each unit includes one common share and one warrant. Warrants are exercisable at $0.30 per share for 24 months from the closing date. The company retains the right to accelerate warrant expiry if the share price on the CSE closes at or above $0.50 for 24 consecutive trading days, after which warrant holders receive 30 calendar days' notice before expiry.

Proceeds from the flow-through units will fund Canadian exploration expenses and flow-through mining expenditures, to be incurred on or before December 31, 2027, with qualifying expenditures renounced to subscribers effective no later than December 31, 2026.

The offering is expected to close on or before October 30, 2026, and remains subject to regulatory approval, including final approval from the Canadian Securities Exchange.

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