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Harte Gold Announces $2.24 Million Initial Closing Under Private Placement
By: Marketwire .
Dec. 4, 2012 05:29 PM
TORONTO, ONTARIO -- (Marketwire) -- 12/04/12 -- HARTE GOLD CORP. ("Harte Gold") (TSX:HRT)(FRANKFURT:H4O) has raised gross proceeds of $2,242,940 pursuant to the initial closing of a non-brokered private placement of up to 6,666,667 Units priced at $0.15 and 11,764,706 Flow-Through Units priced at $0.17 for gross proceeds of up to $3 million. Additional closings will occur on or before December 27, 2012.
Harte Gold issued 3,332,000 Units at $0.15 per Unit. Each Unit consists of one common share and one-half common share purchase warrant. Each full warrant is exercisable at $0.25 for a period of eighteen (18) months from closing. Harte also issued 10,264,352 Flow-Through Units at $0.17 per Unit. Each Unit consists of one flow-through common share and one-half common share purchase warrant. Each full warrant is exercisable at $0.25 for a period of eighteen (18) months from closing.
Finder's fees payable in connection with the private placement consist of a cash payment equal to 6% of cash raised and that number of common share purchase warrants equal to 6% of the number of Units and Flow-Through Units issued pursuant to certain orders in the private placement, for a total of $58,625 and 508,236 warrants. Each Finder's warrant is exercisable at $0.18 for a period of eighteen (18) months from closing.
Proceeds from the private placement will fund exploration and permitting and technical studies related to the advanced exploration project at Harte Gold's 100% owned Sugar Zone property and, general corporate purposes.
About Harte Gold Corp.
Harte Gold Corp. is focused on the development of its 100% owned Sugar Zone property and is currently permitting an advanced exploration program for the Sugar Zone Deposit. The Sugar Zone property is located 60 kilometres east of the Hemlo Gold Camp. and contains an NI 43-101 compliant Indicated Resource of 980,900 tonnes, grading 10.13 g/t for 319,280 ounces of contained gold (uncapped) and an Inferred Resource of 580,500 tonnes, grading 8.36 g/t Au for 155,960 ounces of contained gold (uncapped). Harte also holds the Stoughton-Abitibi property located on and adjacent to the Destor-Porcupine Fault Zone in close proximity to the 2.5 million ounce Holt-Holloway Gold Mine in the Timmins, Ontario Porcupine gold camp.
Common Shares Outstanding: 186,454,966
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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