Hercules Silver Corp. announced that it has entered into a purchase agreement to issue a non-brokered private placement of 21,265,370 units at a price of CAD 1.10 per unit for the gross proceeds of CAD 23,391,907 on November 6, 2023. Each unit consists of one common share and 0.32 of a common share purchase warrant.

Each warrant will have a term of two years and each whole Warrant will entitle the holder thereof to purchase one share of the company for a price of CAD 1.32 per share. The transaction is expected to close on or before November 8, 2023 or such other date as may be agreed by the investor and the company. The transaction will include participation from new investor, Barrick Gold Corporation.

The transaction is subjected the approval of the TSX Venture Exchange. All securities issued in connection with the placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.