Heritage Mining has closed the fourth and final tranche of its non-brokered private placement, securing gross proceeds of $930,500 and bringing total funds raised across all four tranches to approximately $2.6 million.

The final tranche comprised the issuance of 4,000,000 flow-through shares priced at $0.04 each to raise $160,000, alongside 19,262,500 units at $0.04 per unit for gross proceeds of $770,500. Each unit consists of one common share and a purchase warrant allowing the holder to acquire an additional common share at an exercise price of $0.05 until September 16, 2031.

Peter Schloo and the Ten Point Fund, managed by Greg Scholfield with Corton Capital Inc., each subscribed for $200,000 worth of units in the final tranche. The remaining orders came from existing high-net-worth and institutional backers who have supported Heritage over the past year.

In connection with the final tranche, the company paid eligible finders cash fees of $19,400 and issued 485,000 compensation unit warrants. These compensation warrants entitle holders to acquire one unit at an exercise price of $0.04 for a period of 60 months. All securities issued under this final closing are subject to a statutory hold period of four months and one day, expiring on January 17, 2027.

Heritage plans to use the proceeds from the flow-through shares to incur eligible Canadian exploration and critical mineral mining expenditures on its projects in Ontario on or before December 31, 2027. The company intends to renounce all of these qualifying expenditures in favour of flow-through subscribers effective December 31, 2026.

The financing supports ongoing exploration across the company’s Ontario portfolio, which includes the Melba Project in Northeastern Ontario, located approximately 22 kilometres northeast of Kirkland Lake. Heritage acquired the property and subsequently expanded its land position through multiple property agreements in August 2026. To facilitate continuous multi-season operations at the site, Heritage established the Melba Project's first-ever year-round access in July 2026 by upgrading approximately 5.5 kilometres of former winter access trails.

Read the full announcement: Heritage Mining Closes Oversubscribed Final Tranche of Non-Brokered Private Placement