TORONTO, May 06, 2026 (GLOBE NEWSWIRE) -- Hercules Metals Corp. (TSXV:BIG) (OTCQB:BADEF) (FRA: C0X) ("Hercules Metals" or the "Company") is pleased to announce that due to strong demand, it has entered into an agreement with BMO Capital Markets and SCP Resource Finance as joint bookrunners (the "Underwriters") to increase the size of its previously announced brokered private placement (the "Concurrent Offering"). The Underwriters have agreed to buy on a bought deal basis by way of private placement (pursuant to the Listed Issuer Financing Exemption (as defined below)), 36,353,000 common shares of the Company (the "Common Shares"), at a price of C$0.59 per Common Share (the "Offering Price") for gross proceeds of approximately C$21.4 million (the "LIFE Offering"). In addition, the Company increased its previously announced brokered private placement to 17,000,000 Common Shares at the Offering Price for gross proceeds of approximately C$10 million (the Concurrent Offering and together with the LIFE Offering, the "Offerings").
Barrick Mining Corporation ("Barrick"), the Company's pre-existing strategic shareholder, has a participation right to maintain its pro-rata percentage ownership interest in the Company under an investor rights agreement dated November 7, 2023 between the Company and Barrick.
The Company intends to use the net proceeds of the Offerings for exploration and development of its 100% owned Hercules property in western Idaho (the "Hercules Project") and for general working capital purposes.
The Offerings are expected to close on or about May 20, 2026 and are subject to Hercules Metals receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
Under the LIFE Offering, the Common Shares will be offered for sale by way of private placement pursuant to the listed issuer financing exemption under section 5A.2 of National Instrument 45-106, Prospectus Exemptions ("NI 45-106"), as modified by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "Listed Issuer Financing Exemption") in each of the Provinces of Canada (other than the Province of Quebec). The Common Shares issued under the Listed Issuer Financing Exemption will not be subject to a statutory hold period pursuant to applicable Canadian securities laws.
The Common Shares will be offered for sale by way of private placement in each of the Provinces of ...
