Mr. Brian Howlett reports
HEMLO EXPLORERS INCREASES PRIVATE PLACEMENT FINANCING TO $3,500,000
Hemlo Explorers Inc., due to the high level of interest, has increased the size of its non-brokered private placement to now raise aggregate gross proceeds of $3.5-million through the sale of five million units at a price of 70 cents per unit. Each unit shall comprise one common share and one-half of one common share purchase warrant. Each warrant shall entitle the holder thereof to acquire one common share at a price of $1.20 until the date that is 18 months following the closing date of the offering, but subject to accelerated expiry terms if the company's shares trade at or above $2.50 per share for 20 consecutive days.
The proceeds of the offering will be used for the exploration and advancement of the company's Hemlo area properties, and for general corporate purposes. Any securities to be issued in connection with the offering will be subject to a hold period of four months and one day from the date of issuance. The company may pay finders' fees on a portion of the offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation. The offering remains subject to the approval of the TSX-V.
About Hemlo Explorers Inc.
Hemlo Explorers is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut.
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