Harte Gold (HRT-T) Aug 19, '14 raised gross proceeds of $925,125 pursuant to the closing today of a non-brokered private placement of 272,818 units and 3,106,485 flow-through common shares. Units are priced at 27.5 cents each and consist of one common share and one-half common share purchase warrant. Each full warrant is exercisable at 35 cents for a period of 12 months from closing. Flow-through shares are priced at 30 cents each.Finders' fees payable in connection with today's closing consist of a cash payment equal to 5 per cent of cash raised and that number of common share purchase warrants equal to 5 per cent of the number of units issued pursuant to the private placement, for a total of $46,256 and 155,324 warrants. Each finder's warrant is exercisable at 30 cents for a period of 12 months from closing.
Common share purchase warrants issued under the private placement (unit and finders' warrants) are subject to an acceleration clause. In the event the closing price of Harte Gold common shares is equal to or greater than 50 cents for a period of 10 consecutive trading days, Harte Gold may accelerate the expiry date of the warrants by giving notice to the holders thereof through the issuance of a press release. In such case, the warrants will expire on the 30th day after the date on which such notice is given.
Proceeds from the private placement will finance current exploration, as well as development work, related to the advanced exploration project (Sugar Zone deposit) at Harte Gold's 100-per-cent-owned Sugar Zone property, and general corporate purposes. |
