TORONTO, ONTARIO -- (Marketwired) -- 03/31/16 -- HARTE GOLD CORP. ("Harte Gold") (TSX: HRT)(FRANKFURT: H4O)(OTC: HRTFF) announced it has raised gross proceeds of $650,000 pursuant to the initial closing of a non-brokered private placement of up to 10,000,000 Flow Through Units for gross proceeds of up to $2,000,000.
Harte Gold issued 3,250,000 Units at $0.20 per Unit. Each Unit consists of one flow through common share and one-half common share purchase warrant exercisable at $0.25 for a period of two years 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 for a total of $39,000 and 195,000 warrants. Finder's warrants are exercisable at $0.22 for a period of two years 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 $0.30 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 30th day after the date on which such notice is given.
Proceeds from the private placement will fund exploration work on the Company's Ontario properties as well as development work related to the fully permitted 70,000 tonne Advanced Exploration and Bulk Sample Project. Subject to availability, the private placement will remain open until May 11, 2016.
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 a 70,000 tonne advanced exploration and bulk sample for the Sugar Zone Deposit. 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 guidelines. 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 which is adjacent to and on strike of Lakeshore Gold's Holloway Gold Mine.
Common Shares Outstanding: 310,637,696
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
