Hemlo Explorers Announces Non-Brokered Private Placement

TORONTO, Oct. 22, 2021 (GLOBE NEWSWIRE) -- Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) announces it is undertaking a non-brokered private placement (the "Offering") for aggregate gross proceeds of up to $1,212,500 through the sale of up to 2,500,000 units ("Units") at a price of $0.225 and 2,500,000 flow through units (“FT Units”) at a price of $0.26. Robert Cudney, through Northfield Capital Corporation (“Northfield”), has committed to provide the lead order for the Offering.

Each Unit shall be comprised of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each FT Unit shall be comprised of one flow through common share, to be issued as a “flow-through share” (as defined in subsection 66(15) of the Income Tax Act (Canada)), and one-half of one Warrant to be issued on a non-flow through basis. Each Warrant shall entitle the holder thereof to acquire one common share, to be issued on a non-flow though basis, at a price of $0.40 until the date that is eighteen months following the closing date of the Offering, but subject to accelerated expiry terms following the four month and a day hold period (as further described below) if the Company’s shares trade at or above $0.80 per share for 20 consecutive days in which case the Company will have the right to accelerate the exercise period to a period ending at least 30 days from the date that notice of such acceleration is provided to the holders of the Warrants.

“The drill program on the North Limb identified anomalous gold and pathfinder elements similar to those found at Barrick Gold’s Hemlo mine. We are continuing to finalize a 3D model incorporating the recent drill program and the historical drill holes. Concurrently, we are moving ahead with exploration plans on our Pic Project. With over 16,900 metres in drilling on Wire Lake alone, we will be investing some resources into a compilation in preparation for a drill campaign in 2022.” stated Brian Howlett, CEO of the Company. “Management also wishes to acknowledge Robert Cudney, who has been our biggest supporter for the past number of years, and we are thankful for his continued commitment to the Company in providing the lead order in this financing. We are thankful for the support of all our shareholders.”