Hercules Silver (TSXV: BIG) has done what many junior mining names only dream of. The company has secured a major investment from that of Barrick Gold (TSX: ABX).
The transaction saw Barrick invest $23.4 million in the company, taking a 12.3% stake in the process. The investment saw Barrick purchase 21.3 million units of the company at a price of $1.10 per each. Each unit contains one common share and 0.32 of a common share purchase warrant.
Each warrant has an expiry of two years and contains an exercise price of $1.32 per share.
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Proceeds from the financing are to be used to explore the firms flagship Hercules property in Western Idaho.
“We’re very pleased with Barrick’s strategic investment into the Company and the support and validation it brings to the Hercules Property. We also look forward to leveraging Barrick’s US experience and technical expertise in the continued drilling and advancement of our exciting new porphyry copper discovery,” commented CEO Chris Paul.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
