Hemlo Explorers Inc. announced non-brokered private placement and has issued an aggregate of 2,352,940 "flow- through" shares at an issue price of $0.085 per FT Share for aggregate gross proceeds of $200,000. Each FT Share was issued as a "flow-through share" of the Income Tax Act (Canada)). The proceeds of the Offering will be used for the exploration and advancement of the Company's Central Newfoundland projects.
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. In connection with the closing of the Offering, the Company paid a cash finders fee to an eligible finder in respect of subscriptions for FT Shares referred by such finder. The CSE approved the Company's reliance on an exemption from Section 6.2(5) of CSE Policy 6 Distributions & Corporate Finance to permit the Company to close the Offering less than five (5) business days following the Company announcing its intention to issue the FT Shares.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
