Heritage Mining Closes Final Tranche of Private Placement

Heritage Mining Ltd. has successfully closed the final tranche of its non-brokered private placement, raising a total of $930,500. The company issued 4,000,000 flow-through shares (FT Shares) and 19,262,500 units, each unit consisting of one common share and one common share purchase warrant, bringing the total gross proceeds to approximately $2,600,500 across all four tranches.

The final tranche was led by Peter Schloo, the company's President, CEO, and Director, through Great White Capital Ltd., and Ten Point Fund, managed by Greg Scholfield, Portfolio Manager with Corton Capital Inc. Both entities subscribed for $200,000 of units each. The remaining orders came from existing high-net-worth and institutional investors who have supported the company over the past year.

Each unit will consist of one common share and one common share purchase warrant. The warrants will allow the holder to acquire one common share at an exercise price of $0.05 per share until 4:30 p.m. (Vancouver time) on September 16, 2031. In connection with the final tranche, the company paid eligible finders' cash fees of $19,400 and issued 485,000 compensation unit warrants, representing 7% cash and 7% compensation unit warrants on finder orders, plus an additional 1% cash and 1% compensation unit warrants on certain President's List orders.

All securities issued pursuant to the final tranche of the offering are subject to a statutory hold period of four months and one day from the date of issuance, expiring on January 17, 2027. The company will file all requisite post-closing notices with the Canadian Securities Exchange.

The participation of each of Mr. Schloo and Mr. Patrick Mohan, a director of the company, in the final tranche of the offering constitutes a "related party transaction" as defined in Multilateral Instrument 61-101. The interested parties subscribed for an aggregate of $225,000 of units under the final tranche. The company is relying on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities issued to, nor the consideration paid by, interested parties exceeds 25% of the company’s market capitalization. The issuance of securities to the interested parties under the offering was approved by the board of directors of the company, with each of Mr. Schloo and Mr. Mohan declaring their interest in and abstaining from voting on the matter.

Heritage Mining Ltd. is a Canadian mineral exploration company advancing its Ontario Project Portfolio in Northwestern and Northeastern Ontario. The Drayton-Black Lake, Contact Bay, and Scattergood projects are located near Sioux-Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt. The Melba Property is located near Ramore, Ontario. All projects benefit from a wealth of historic data, excellent site access, and logistical support from the local community.