Hercules Metals intends to raise C$4.5 million through a non-brokered private placement subscribed entirely by its incoming management team. The incoming team, led by George Ogilvie, will acquire 7,258,066 common shares at C$0.62 per share.

The issue price represents a premium of approximately 5% over the trading price prior to the initial announcement of the leadership changes on July 30, 2026. Shares issued under this placement will be subject to a four-month and one-day statutory hold period from the closing date. Hercules plans to direct the proceeds toward continued drilling and expansion of the Leviathan porphyry copper system, along with general working capital.

The private placement is expected to close on or about September 1, 2026, the same day the new team officially assumes leadership of the company. The arrangement remains subject to approval from the TSX Venture Exchange and customary closing conditions.

Shares in Hercules are currently trading at $0.82, up 1.23% in today's session.

“Our team committed to investing C$4.5 million of personal capital because we believe strongly in the scale and quality of Leviathan and the broader opportunity at Hercules.”

— George Ogilvie, incoming President and Chief Executive Officer

“This investment reflects the ownership mindset we intend to bring to the Company and provides meaningful alignment with our fellow shareholders from the outset.”

— George Ogilvie, incoming President and Chief Executive Officer

Read the full announcement: Hercules Metals Incoming Management Team to Invest C$4.5 million in Non-Brokered Private Placement