The company said the proceeds will be used for exploring and advancing its Central Newfoundland projects and for general corporate purposes.

The shares will be subject to a four-month hold period. The offering is set to close on Monday, the company added.

Hemlo shares were last seen up $0.005 to $0.065 on the Canadian Securities Exchange.

Price: 0.07, Change: +0.01, Percent Change: +8.33

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