Mining company Heritage completes first phase of LIFE financing round
Heritage Mining Advances Exploration and Drilling Programs Following Successful Private Placement
Heritage Mining Ltd., a Canadian mineral exploration company, has successfully closed the first tranche of a non-brokered private placement offering. The offering, which was part of a larger LIFE Offering, raised approximately C$619,070 by issuing 17,687,714 units at a price of $0.035 per unit.
The proceeds from this offering will be used to fund the exploration and drilling program on the Drayton-Black Lake Project and Contact Bay, as well as general working capital. This news release was provided by TheNewsWire via QuoteMedia.
At Drayton-Black Lake, the company has obtained drilling permits for its Zone 3 Extension and has mobilized its drilling team as of late January 2025. Drilling commenced in February 2025, with new drill program contracts, labor contracts, and equipment leases secured to support these activities. The project covers approximately 18,907 hectares and has multiple priority gold zones, including Moretti, Split Lake, Shaft, and West zones. Exploration efforts are systematic and targeted, with a focus on advancing prioritized zones such as Split Lake.
At Contact Bay, additional exploration work includes drilling and surface exploration with a focus on copper, nickel, and platinum group elements (PGE). Mobilization at Contact Bay was announced in July 2025, indicating active preparation or ongoing fieldwork there.
Heritage Mining Ltd. is well-capitalized, with a tight capital structure, and is advancing a district-scale program involving detailed targeting, geophysical analysis, and drilling to progress these high-grade gold-silver-copper projects located in Northwestern Ontario’s Eagle-Wabigoon-Manitou Greenstone Belt. The company benefits from a wealth of historic data, excellent site access, and logistical support from the local community.
The offering is subject to certain conditions, including the receipt of all necessary regulatory approvals. Any such offering will be made pursuant to subscription documentation between the Company and prospective purchasers. It is important to note that this news release contains forward-looking statements regarding the Company's future events. The risks associated with these forward-looking statements include, but are not limited to, inherent risks of the mining industry, adverse economic and market developments, risks relating to the estimation of mineral resources, risks related to future prices of mineral resources, risks related to work site accidents, geological uncertainties and variations, risks related to government and community support of the Company's projects, risks related to global pandemics, and other risks related to the mining industry. Heritage Mining Ltd. does not intend to update any forward-looking information except as required by law.
Peter Schloo, the President, CEO, and Director of Heritage Mining Ltd., can be contacted at (905) 505-0918 or [email protected] for more information.
Results from the 2025 exploration program remain pending, with updates expected as they become available.
- The funds raised through the successful private placement will not only support the exploration and drilling programs at Drayton-Black Lake and Contact Bay, but also contribute to the company's personal-finance, ensuring a solid financial position for investing in the future of Heritage Mining's business in the finance industry.
- With the proceeds from the private placement secure and the 2025 exploration program underway, investors may find interest in this Canadian mineral exploration company, particularly those focused on personal-finance and the broader finance industry, due to Heritage Mining's potential for mining success and industry growth.
