Hercules Metals Raises $31.5 Million in a Bought-Deal Private Placement
Hercules Metals (BIG.V) on Wednesday said it closed a bought-deal private placement offering, raising $31.5 million.The company sold underwriters 53.4-million shares at $0.59 apiece. In the offering, the company issued 36.4-million at the offering price for $21.4 million under the Listed Issuer Financing Exemption and 17-million shares at the offering price for $10 million under other prospectus exemptions.Proceeds will be used for exploration and development of its Hercules property in western Idaho and for general working capital needs.Shares of the company were last seen up $0.02 to $0.63 on the TSX Venture Exchange.Price: $0.63, Change: $+0.02, Percent Change: +3.28%