Harte Announces $3,879,700 Initial Closing Under Private Placement
TORONTO, ONTARIO--(Marketwire - May 27, 2010) - HARTE GOLD CORP. (TSX VENTURE:HRT)(FRANKFURT:H4O) is pleased to announce that it has raised gross proceeds of $3,879,700 pursuant to the initial closing of a non-brokered private placement of up to 45,000,000 Units priced at $0.10 and 8,000,000 flow-through common shares priced at $0.125. Final closing is scheduled for June 10, 2010.
Harte issued 38,797,000 Units at $0.10 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 a period of eighteen (18) months from closing.
Finders fees payable in connection with the private placement consist of a cash payment equal to 8% of cash raised and that number of common share purchase warrants equal to 8% of the Units issued pursuant to the above, for a total of $172,136 and 1,709,336 warrants. Finders warrants are exercisable into common shares on payment of $0.10 per common share for a period of eighteen (18) months from closing.
About Harte Gold Corp.
Harte Gold Corp. is a Canadian gold exploration company with interests in the Sugar Zone and Stoughton-Abitibi properties located in Ontario, Canada. The Sugar Zone Property is located 60 kilometres east of the Hemlo Gold Camp in White River, Ontario, and holds an NI 43-101 compliant inferred resource of 904,400 tonnes grading 9.75 g/t Au for 284,000 ounces of contained gold. Harte currently owns a 49% interest in the Sugar Zone Property and has the option to acquire the remaining 51%.
The Stoughton-Abitibi property is located on and adjacent to the Destor-Porcupine Fault Zone in close proximity to the 2.5 million ounce Holloway-Holt Gold Mine in the Timmins Porcupine gold camp.
Common Shares outstanding: 111,947,530
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