Dallas-based investment adviser Kingsley Advisors, LLC has filed an early warning report disclosing that it crossed the 10% ownership threshold in Hercules Metals Corp. (TSXV: BIG; OTCQB: BADEF) through purchases on the TSX Venture Exchange. The filing, issued under National Instrument 62-103, reveals Kingsley now exercises control or direction over approximately 10.12% of Hercules Metals' outstanding common shares on behalf of its discretionary clients. The disclosure is a regulatory milestone that signals meaningful institutional interest in the Toronto-based metals company and may draw attention from investors tracking significant shareholder movements.

Key Points

  • Hercules Metals Corp. (TSXV: BIG; OTCQB: BADEF) is the subject of the early warning filing by Kingsley Advisors, LLC
  • Kingsley crossed the 10% ownership threshold on September 17, 2026 through the purchase of 376,092 common shares
  • Current holdings stand at 35,462,851 common shares, representing approximately 10.12% of 350,406,487 shares outstanding
  • Investors may be watching whether Kingsley resumes purchases following the expiration of the statutory moratorium

How Kingsley Advisors Crossed the 10% Threshold in Hercules Metals

On September 17, 2026, Kingsley acquired 376,092 common shares of Hercules Metals through the TSX Venture Exchange at prices ranging from CAD $1.39 to CAD $1.40 per share, for aggregate consideration of CAD $526,243.00, excluding commissions. Immediately before those purchases, Kingsley controlled approximately 9.91% of outstanding shares. The September 17 acquisition pushed that figure to approximately 10.02%, triggering the early warning reporting requirement under Canadian securities law. Kingsley manages these shares on behalf of discretionary client accounts and does not hold them for its own account.

Subsequent Transactions and Temporary Suspension of Purchases

Between September 18 and October 8, 2026, Kingsley acquired an additional 438,934 common shares and disposed of 70,865 common shares through the TSX Venture Exchange, representing a net increase of 368,069 shares. The firm suspended further purchases on October 7, 2026, pending completion of early warning filings and the expiration of the statutory moratorium. The release states that 560,510 of the total shares held were purchased on the OTCQB marketplace, with the balance acquired on the TSX Venture Exchange. Kingsley's clients do not hold warrants, options, or other convertible securities of Hercules Metals.

Kingsley's Stated Investment Purpose and Potential Future Activity

Kingsley disclosed that the shares were acquired for investment purposes on behalf of its clients. The announcement states that, depending on market conditions, the issuer's business and prospects, and client investment objectives, Kingsley may acquire additional securities — including through privately negotiated block purchases — or dispose of shares through market transactions or private agreements. The firm stated it did not rely on any exemption from Canadian take-over bid requirements for the acquisitions described. Beyond the scenarios outlined, Kingsley indicated no present plans that would result in a material corporate transaction involving Hercules Metals.