Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) has closed a $50 million bought deal private placement, issuing 57,472,200 common shares at $0.87 per share. Separately, strategic investor Barrick Mining Corporation has exercised its participation right in full to maintain its 10.34% ownership stake, expected to contribute an additional approximately $5,775,392. Combined, the two transactions are expected to deliver aggregate gross proceeds of approximately $55,776,206, earmarked primarily to advance exploration at the company's Hercules Project in Idaho.

Key Points

  • Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) is a copper porphyry exploration company focused on its Hercules Project in Idaho, U.S.A.
  • The company closed a $50,000,814 bought deal private placement, including full exercise of the underwriters' option, on November 12, 2026.
  • Barrick Mining Corporation's supplementary private placement of approximately $5,775,392 is expected to close on or about November 16, 2026, bringing the combined raise to approximately $55,776,206.
  • Investors may be watching for TSX Venture Exchange final acceptance of the bought deal and the closing of Barrick's participation right placement.

Bought Deal Structure and Underwriter Syndicate

The bought deal was co-led by Canaccord Genuity Corp. and BMO Capital Markets, with participation from Desjardins Securities, Raymond James, RBC Capital Markets, Scotiabank, Agentis Capital Markets, ATB Capital Markets, Haywood Securities, Paradigm Capital, and SCP Resource Finance LP. The underwriters received a cash commission equal to 5.0% of aggregate gross proceeds. Shares issued under the placement are subject to a statutory hold period of four months and one day from the date of issuance, and the transaction remains subject to final acceptance by the TSX Venture Exchange.

Barrick's Participation Right Preserves 10.34% Ownership

Barrick Mining Corporation, an existing strategic investor in Hercules Metals, has formally notified the company of its intention to fully exercise its participation right under their investor rights agreement. By doing so, Barrick maintains its 10.34% ownership position in the company. The Barrick private placement is expected to close on or about November 16, 2026, contributing approximately $5,775,392 in additional gross proceeds. The release states that the combined transactions are expected to generate aggregate gross proceeds of approximately $55,776,206.

Proceeds Directed to Hercules Project Exploration in Idaho

The company announced that net proceeds from the bought deal will fund continued exploration at the Hercules Project, located northwest of Cambridge, Idaho, which hosts the Leviathan porphyry copper system. Additional proceeds will support working capital and general corporate purposes. Hercules Metals describes the project as one of the most significant new copper porphyry discoveries in the United States. The scale of the capital raise reflects the company's stated aim to advance drilling activity at the site, supported by Barrick's ongoing strategic involvement.