Hemlo Explorers Inc. announced a non-brokered private placement of up to 2,500,000 units at a price of CAD 0.225 for gross proceeds of up to CAD 562,500, 2,500,000 flow through units at a price of CAD 0.26 for gross proceeds of up to CAD 650,000; for aggregate gross proceeds of up to CAD 1,212,500 on October 22, 2021. Each unit consist of one common share and one-half of one common share purchase warrant. Each flow through unit consist of one flow through common share, 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 on a non-flow though basis, at a price of CAD 0.40 until the date that is eighteen months following the closing date of the transaction, but subject to accelerated expiry terms following the four month and a day hold period if the company's shares trade at or above CAD 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 transaction will include participation from returning investor Robert Cudney through Northfield Capital Corporation as committed to provide the lead order and insiders of the company. All securities issued are subject to a hold period of four months and one day from the date of issuance.

The company may pay finder's fees on a portion of the transaction, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation. The transaction is subject to the approval of the TSX Venture Exchange.