Proceeds of non-brokered deal fund exploration of Sugar Zone property
By Susanna Moon
Chicago, Aug. 23 - Harte Gold Corp. said it raised C$1.23 million from a non-brokered private placement of units, including C$660,000 from the initial tranche on July 17, C$213,800 in the second tranche on July 31 and C$358,280 in the final tranche that closed on Friday.
In all, the company sold 2,791,000 units of one common share and one warrant at C$0.08 per unit. The company also sold 1.35 million flow-through units of one flow-through common share and one half-share warrant at C$0.10 per unit.
The company had planned to sell up to 6.25 million units and 15 million flow-through units.
Each whole warrant will be exercisable at C$0.15 for two years. The strike price represents an 87.5% premium to the July 16 closing share price of C$0.08.
In the first tranche, Harte Gold sold 125,000 units and 6.5 million flow-through units. It sold 1,985,000 units and 550,000 flow-through units in the second tranche.
Settlement of the final tranche is expected Aug. 23.
Proceeds will be used for exploration and permitting and development work at Harte Gold's Sugar Zone property and general corporate purposes.
Harte is a gold exploration company based in Toronto.
Issuer: | Harte Gold Corp.
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Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
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Amount: | C$1.23 million
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Warrant expiration: | Two years
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Warrant strike price: | C$0.15
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Agent: | Non-brokered
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Settlement dates: | July 17 (for C$660,000), July 31 (for C$213,800), Aug. 23 (for C$358,280)
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Stock symbol: | Toronto: HRT
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Stock price: | C$0.08 at close July 16
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Market capitalization: | C$16.17 million
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Units
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Amount: | C$223,280
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Units: | 2,791,000
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Price: | C$0.08
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Warrants: | One warrant per unit
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Flow-through units
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Amount: | C$1.35 million
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Units: | 1.35 million
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Price: | C$0.10
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Warrants: | One half-share warrant per unit
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