Hercules Metals Corp. (TSX-V: BIG) (OTCQB: BADEF) (FSE: C0X) is pleased to announce that it has closed its previously announced brokered private placement, which was fully subscribed and included the exercise in full of the Agents’ option, pursuant to which the Company sold 24,644,500 common shares in the capital of the Company at a price of C$0.70 per Share, for aggregate gross proceeds to the Company of C$17,251,150. The Offering was conducted on a “best efforts” agency basis, with Canaccord Genuity Corp. and BMO Capital Markets, as co-lead agents and co-lead bookrunners, and First Nations Financial Markets Limited Partnership.

The Shares were offered for sale by way of private placement pursuant to the listed issuer financing exemption under section 5A.2 of National Instrument 45-106 – Prospectus Exemptions, as modified by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption in each of the Provinces of Canada (other than the Province of Quebec), and in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act, and in certain other jurisdictions outside of Canada and the United States pursuant to available prospectus or registration exemptions in accordance with applicable laws. The Shares issued under the Listed Issuer Financing Exemption will not be subject to a statutory hold period pursuant to applicable Canadian securities laws (except to the extent that the TSX Venture Exchange’s four-month hold period applies).

In consideration for their services, the Agents received a cash commission equal to 6.0% of the gross proceeds of the Offering, other than from the sale to certain purchasers on a “president’s list” for which a 3.0% Agents’ Commission was paid to the Agents.

A director of the Company participated in the Offering. The participation of the Company’s director in the Offering constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities to be distributed nor the consideration to be received for the securities issued to such related party under the Offering will exceed 25% of the Company’s market capitalization. The Company’s director subscribed for 71,400 Shares for aggregate gross proceeds of C$49,980.

The Company intends to use the net proceeds of the Offering for exploration and development of its 100% owned Hercules property in western Idaho (and for general working capital purposes.

There is an offering document relating to the Offering and the use by the Company of the Listed Issuer Financing Exemption that can be accessed under the Company’s profile at www.sedarplus.ca and at https://www.herculesmetals.com/. Final acceptance by the TSX Venture Exchange of the Offering is subject to the completion of customary post-closing filings.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.

About Hercules Metals Corp.

Hercules Metals Corp. is an exploration company focused on developing America’s newest porphyry copper district, in Idaho.

The 100% owned Hercules Property located northwest of Cambridge, hosts the newly discovered Leviathan porphyry copper system, one of the most important new discoveries in the region to date. The Company is well positioned for growth through continued drilling, supported by a strategic investment from Barrick Mining Corporation.

With the potential for significant scale, the Company’s management and board of directors aims to build on its proven track record which includes the discovery and development of numerous precious metals projects worldwide.