Harte Gold Announces Final Closing of Flow-Through Private Placement
October 31, 2018 (Source) — HARTE GOLD CORP. (“Harte Gold” or the “Company”) (TSX: HRT / OTC: HRTFF / Frankfurt: H4O) announced it has raised gross proceeds of $6,951,360 including $1,084,400 pursuant to the closing today (initial closing October 22, 2018) of its non-brokered private placement of flow-through shares (“FT Shares”). Harte Gold issued a total of 13,368,000 FT Shares priced at $0.52 per FT Share.
Finder’s fees payable under the private placement consist of a cash payment equal to 5% of cash raised and that number of common share purchase warrants equal to 5% of the number of Shares issued in connection with certain orders, for a total of $61,526 and 118,319 warrants. Finder’s warrants are exercisable at $0.52 for a period of eighteen (18) months from closing.
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Proceeds from the private placement will fund exploration work on the Company’s Sugar Zone and Stoughton Abitibi properties.
About Harte Gold Corp.
Harte Gold is Ontario’s newest gold producer through its wholly owned Sugar Zone Mine in White River Ontario. Using a 3 g/t gold cut-off, the NI 43-101 compliant Mineral Resource Estimate dated February 15, 2018 contains an Indicated Mineral Resource of 2,607,000 tonnes grading 8.52 g/t for 714,200 ounces contained gold and an Inferred Mineral Resource of 3,590,000 tonnes, grading 6.59 g/t for 760,800 ounces contained gold. The Company is currently completing a 100,000 metre drill program on near mine and exploration targets, results of which will be incorporated into an updated NI 43-101 compliant Mineral Resource Estimate and mine plan targeted for Q1 2019. Exploration on the Sugar Zone property includes 83,850 hectares encompassing a significant greenstone belt.
The Company has implemented a quality assurance and control (“QA/QC”) program to ensure sampling and analysis of mine and exploration work is conducted in accordance with industry standards. Drill core is sawn in half with one half of the core shipped to Actlabs Laboratories located in Thunder Bay, ON, while the other half is retained at the Company’s core facilities in White River, ON, for future verification. Certified reference standards and blanks are inserted into the sample stream on a regular interval basis and monitored as part of the QA/QC program. Gold analysis is performed by fire assay using atomic absorption, gravimetric or pulp metallic finish. The Mineral Resource Estimate was prepared in compliance with NI 43-101 guidelines. Robert Kusins, P. Geo., Harte Gold’s Senior Mineral Resource geologist, is the Company’s Qualified Person and has prepared, supervised the preparation, or approved the scientific and technical disclosure in this news release.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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