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The incoming leadership team at Hercules Metals formally took over on September 1. Their C$4.5 million investment in the company had closed the day before.
Every share in the placement — about 7.3 million in total, priced at C$0.62 each — was bought by the former management team of Arizona Sonoran Copper Company, the group now stepping into Hercules's senior roles, the company said in an August 31 release. In a separate announcement on July 30, Hercules said George Ogilvie would become President and CEO effective September 1; founder Chris Paul would move to a senior exploration role. The Arizona Sonoran team left that company through a sale: Hudbay Minerals acquired it in a deal Hudbay valued at about US$1.5 billion, according to a Hudbay SEC filing from March 2026.
For anyone already holding Hercules shares, those 7.3 million new shares make each existing one a smaller slice of the same company. The other side of that is that the new team's money is tied up: Canadian securities rules prohibit resale for roughly four months from the date of issuance, so the executives cannot exit quickly regardless of how the drilling goes.
Hercules says the proceeds will go toward continued drilling and expansion of the Leviathan porphyry copper system in western Idaho, exploration of other porphyry targets, and general working capital. The release gave no timeline for the next round of results.
Shares closed 17.03% higher at $1.1180, on dollar volume of about $565,000.
The deal still needs the TSX Venture Exchange's sign-off. That approval had not come through as of the August 31 release.