From the Wires
Harte Gold Raises $2,865,120 Under Private Placement
By: Marketwired .
Dec. 27, 2012 05:00 PM
TORONTO, ONTARIO -- (Marketwire) -- 12/27/12 -- HARTE GOLD CORP. ("Harte") (TSX:HRT)(FRANKFURT:H4O) announced today the final closing of its non-brokered private placement announced December 4, 2012. Harte raised total gross proceeds of $2,865,120 under the two closings, which will be used to fund exploration, permitting and technical studies associated with advanced exploration at the Company's 100% owned Sugar Zone property and, general corporate purposes.
Subsequent to the initial closing of the private placement announced December 4, 2012 and due to investor demand, Harte applied for and received TSX approval to increase the amount of funds to be raised under the Flow Through Unit offering from $2,000,000 to $2,350,000.
Pursuant to the final closing, Harte Gold issued 567,000 Units at $0.15 per Unit for gross proceeds of $85,050. 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 3,159,588 Flow-Through Units at $0.17 per Flow Through Unit for gross proceeds of $537,130. Each Flow Through 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 final closing of 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 $8,954 and 53,375 warrants. Each Finder's warrant is exercisable at $0.18 for a period of eighteen (18) months from closing.
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. 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: 190,181,554
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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