Harte Gold Corp.

Harte Gold Corp.

April 08, 2009 13:25 ET

Harte Gold Corp. Issue of Shares for Debt


TORONTO, ONTARIO--(Marketwire - April 8, 2009) - HARTE GOLD CORP. ("Harte") (TSX VENTURE:HRT)(FRANKFURT:H4O) announces that following receipt of regulatory approval it has issued 2,405,998 common shares of Harte at a deemed issue price of $0.09 per share to reimburse three shareholders for $220,589.78 of expenses incurred by them in requisitioning, calling and holding the special meeting of shareholders of Harte held on January 30, 2009 (the "Special Meeting"), at which the former board of directors was replaced. The 2,405,998 common shares have been issued in equal proportions to the three shareholders which include 2 non arm's length parties, namely Michael Shunock and an associate of John Gable (both of whom are directors of Harte) and a third party who is at arm's length to Harte.

The Special Meeting was convened pursuant to section 105 of the Business Corporations Act (Ontario) which provides, in part, in subsection 105(6) that the Corporation shall reimburse the shareholders for the expenses reasonably incurred by them in requisitioning calling and holding the meeting. In addition, a resolution of the shareholders of the Corporation was passed at the special meeting held on January 30, 2009 authorizing the reimbursement of the undersigned for such meeting expenses.

About Harte Gold Corp.

Harte Gold Corp. is a Canadian minerals exploration company with interests in the Sugar Zone and Stoughton-Abitibi properties located in Ontario, Canada. The Sugar Zone Property is located 60 kms east of the Hemlo Gold Camp and holds an NI 43-101 compliant inferred resource of 904,400 tonnes grading 9.75 g/t Au for 283,500 ounces of contained gold. Corona Gold Corporation is a 51% partner on the Sugar Zone and is the project operator. The Stoughton-Abitibi property is located on and adjacent to the Destor-Porcupine Fault on strike from the 2.5 million gold ounce Holloway - Holt Mine in the Timmins Porcupine gold camp.

Correction of March 12, 2009 Disclosure

In November, 2008 the Board of Directors authorized a flow-through unit financing at $0.05/unit with each unit to consist of one (1) flow-through share and one-half (1/2) share purchase warrant exercisable at $0.10 through Dec 31, 2009. 890,000 units were issued under this financing which closed on December 19, 2008, for gross proceeds of $44,500. Harte paid a cash commission of $2,960 or 8% of the gross proceeds and 74,000 units equal to 10% of units placed. This compensation was paid to Jennings Capital Inc. ($1,760 and 44,000 units) and Blackwell Investor Relations Corp. ($1,200 and 30,000 units). This information as to compensation paid corrects information disclosed in the Company's March 12, 2009 press release.

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

Contact Information

  • Harte Gold Corp.
    Mr. Stephen G. Roman
    (416) 368-3949
    (416) 368-5146 (FAX)
    Email: sgr@exall.com