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Harte Gold Corp.: HARTE Announces Private Placement Financing and Conversion of Debt to Equity

^{Published on 2008-12-17 14:17:01 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2008) - HARTE GOLD CORP. (TSX VENTURE:HRT) (FRANKFURT:H4O) ("the Company") is pleased announce that it intends to proceed with a non-brokered private placement of up to $250,000 of its securities consisting of the sale of 5 million flow-through units at $0.05 per Unit. The proceeds from the offering will be used for exploration and development of the Company's gold properties in northern Ontario.

Each Unit consists of one (1) flow-through share of the Company, and one half ( 1/2) non-flow-through common share purchase warrant. Each warrant grants the right to purchase one common share at an exercise price of $0.10 per share on or prior to December 31, 2008. The Company will pay agents a cash commission of up to 8% of the gross proceeds and issue broker warrants granting the agents the right to purchase up to 10% of the units sold at $0.05 per Unit, with each Unit consisting of the same terms as the subscriber's Units within 24 months from the closing date.

In addition, the Company intends to convert debts owed to various creditors in the aggregate amount of up to $400,000 at $0.05 per share by the issuance of to up to 8 million shares of which the Company's management and other insiders will convert up to $350,000 of debt to up to 7 million shares.

All securities related to the private placement offering or the conversion of debt to equity are subject to a hold period of four months and one day from the date of closing.

About Harte Gold Corp.

HARTE GOLD CORP. is a Canadian gold mining and development company with a corporate mission to become a gold producer in the heart of Canada's Abitibi Gold Belt. Currently, the Company holds a 100% interest in its Stoughton-Abitibi Property subject to a 10% interest held by Pelangio Mines Ltd. in 66 of the 276 claim units in Ontario. Stoughton-Abitibi Property now encompasses 80+ sq km (20,130 acres) of prime geology along the Destor - Porcupine Fault within the world-renowned Abitibi Gold Belt. The Stoughton-Abitibi Property is located mid-way along the Destor-Porcupine Fault which extends 200 km east from Timmins, Ontario into the major gold camps of Quebec. In October 2007, the Company filed a geological report prepared in accordance with NI 43-101 on the Stoughton-Porcupine Property (Ontario side of the Stoughton-Abitibi Property). In addition, the Company continues to maintain its 49% interest in the Sugar Zone Property covering an area of 11,560 hectares located 70 km east of the world-famous Hemlo Gold Camp. The Sugar Zone Property holds a NI 43-101 gold resource of 953,600 tonnes grading 9.933 g/t Au.

TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release.