Hercules Silver Corp. (“Hercules Silver” or the “Company”) (TSX-V: BIG) (OTCQB: BADEF) (FWB: 8Q7) today announced that it has entered into an agreement with Barrick Gold Corporation (“Barrick”) whereby Barrick has agreed to purchase 21,265,370 units of Hercules Silver (the “Units”) in a non-brokered private placement (the “Placement”) at a price of C$1.10 per Unit for gross proceeds of C$23,391,907. Each Unit consists of one common share of Hercules (each a “Hercules Share”) and 0.32 of a common share purchase warrant (each a “Warrant”). Each Warrant will have a term of two years and each whole Warrant will entitle the holder thereof to purchase one Hercules Share for a price of C$1.32 per Hercules Share.

The Placement will result in Barrick owning 12.33% of the issued and outstanding Hercules Shares on a non-diluted post-transaction basis and 15.02% of the outstanding Hercules Shares on a partially-diluted post-transaction basis, assuming exercise of all Warrants.

The proceeds from the Placement will be used by Hercules Silver to explore the Company’s Hercules property (the “Hercules Property”) located in western Idaho.

Closing of the Placement will occur on or before November 8, 2023 or such other date as may be agreed by Barrick and Hercules, subject in each case to customary closing conditions, including receipt of all necessary approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

“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.” said Chris Paul, Chief Executive Officer of the Company.
Transaction Details

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