Mr. Kal Malhi reports
HERTZ ENERGY ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Hertz Energy Inc. has arranged a non-brokered private placement for gross proceeds of up to $440,000.
The private placement will consist of up to 4.44 million units of the company at a price of 10 cents per unit gross proceeds of up to $440,000. Each unit will consist of one common share in the capital of the company and one common share purchase warrant granting the holder the right to purchase one additional common share of the company at a price of 12.5 cents at any time on or before 36 months from the closing date (defined below).
The gross proceeds from the offering will be used for general and administrative matters and to advance the company's current Lake George antimony project.
The private placement may close on one or more dates as the company may determine.
All securities issued in connection with the private placement will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws.
About Hertz Energy Inc.
Hertz Energy is a British Columbia-based junior exploration company focused on the acquisition and exploration of mineral properties in Eastern Canada. The company maintains a strategic portfolio of four projects targeting lithium and antimony mineralization in Quebec and New Brunswick.
Lithium portfolio: The company's lithium assets include the Agastya lithium property in Quebec, comprising three non-contiguous claim blocks positioned along the greenstone belt adjacent to the Adina, Trieste and Galinee properties-areas recognized for significant LCT (lithium-cesium-tantalum) pegmatite potential within favorable greenstone and metasediment host rocks. The 26,500-hectare AC/DC project is strategically located in Quebec's James Bay lithium district, situated just 26 kilometres southeast of Patriot Battery Metals' Corvette lithium project and contiguous to Rio Tinto's Kaanaayaa project claims.
Antimony portfolio: The company's antimony assets consist of the Harriman property, located 17 kilometres northeast of New Richmond in Quebec's Gaspe region, where preliminary exploration is targeting antimony and gold mineralization along with zinc and copper potential. The Lake George property, situated 30 kilometres southwest of Fredericton in New Brunswick, is being explored for antimony-gold mineralization.
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