Hemlo explorers announces definitive earn-in agreement and private placement with barrick gold

Toronto, aug. 29, 2022 (globe newswire) -- hemlo explorers inc. (the “company”) (tsxv: hmlo) is pleased to announce that further to its news release dated april 4, 2022, it has now executed the definitive agreement (the “definitive agreement”) with a wholly-owned subsidiary of barrick gold corporation (“barrick”) whereby barrick has the right to earn into an 80% interest in the pic project. the company and barrick have also executed a subscription agreement pursuant to which barrick will subscribe for, on a private placement basis, 1,841,468 common shares priced at $0.1052 per share for gross proceeds of $193,722.43. the financing is expected to close on or about august 31, 2022, subject to receipt of the approval of the tsx venture exchange.
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