TORONTO, ONTARIO -- (Marketwired) -- 09/30/15 -- HARTE GOLD CORP. ("Harte Gold") (TSX: HRT)(FRANKFURT: H4O) has raised gross proceeds of $275,000 pursuant to the second closing of its non-brokered private placement of up to 20,000,000 Units priced at $0.05 and 25,000,000 Flow-Through Units priced at $0.06 for gross proceeds of up to $2,500,000. Harte Gold has now raised gross proceeds of $972,200 under the current private placement. Final closing will occur on or before October 9, 2015.
Harte Gold issued 200,000 Units at $0.05 per Unit. Each Unit consists of one common share and one-half common share purchase warrant. Each full warrant is exercisable at $0.15 for eighteen (18) months from closing. Harte Gold also issued 4,416,667 Flow-Through Units ("FT Unit") at $0.06 per FT Unit. Each FT Unit consists of one common share and one-quarter common share purchase warrant. Each full warrant is exercisable at $0.15 for eighteen (18) months from closing.
Finder's fees payable under 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 FT Units issued pursuant to certain orders, for a total of $15,900 and 265,000 warrants. Finder's warrants are exercisable at $0.06 for eighteen (18) months from closing.
All common share purchase warrants issued under the private placement are subject to an accelerated expiry provision. Should the closing price of Harte Gold common shares on the Toronto Stock Exchange be equal to or greater than $0.20 for 10 consecutive trading days any time after closing, Harte Gold may accelerate the expiry date of the warrants by giving notice to the warrant holders through the issuance of a press release. The warrants will expire on the 30 th day after the date on which such notice is given.
Proceeds from the private placement will fund exploration on Harte Gold's Ontario properties as well as development work related to the advanced exploration project at its 100% owned Sugar Zone property and, general corporate purposes.
About Harte Gold Corp.
Harte Gold Corp. is focused on the exploration and development of its 100% owned Sugar Zone property where it has permitted an advanced exploration 70,000 tonne bulk sample project to test mine the Sugar Zone Deposit. The mine access road and portal development have been completed, underground development is scheduled to begin Q4 2015. The Sugar Zone property is located 60 kilometers east of the Hemlo Gold Camp and as per the Preliminary Economic Assessment dated July 12, 2012 contains an 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). The mineral resource was prepared in compliance with NI 43-101. George A. Flach P. Geo, Vice President Exploration is the Qualified Person for Harte Gold. Harte Gold also holds the Stoughton-Abitibi property located on the Destor-Porcupine Fault Zone, adjacent to and on strike of St. Andrew Goldfield's Holloway Gold Mine in the Timmins, Ontario Porcupine gold camp.
Common Shares Outstanding: 274,318,365
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Harte Gold Corp.
Stephen G. Roman
President and CEO
416-368-0999
sgr@hartegold.com
Harte Gold Corp.
David Ellis
Investor Relations Consultant
416-704-0937
davidellis@hartegold.com
