Harte Gold Corp.

Harte Gold Corp.

May 01, 2009 09:03 ET

Harte Gold Corp.: Private Placement

TORONTO, ONTARIO--(Marketwire - May 1, 2009) - HARTE GOLD CORP. ("Harte") (TSX VENTURE:HRT)(FRANKFURT:H4O) announces the closing of a non brokered private placement of 500,000 flow-through units at $0.12 per unit for proceeds of $60,000 and the sale of 2,100,000 non flow-through units at $0.10 per unit for proceeds of $210,000 for total gross proceeds of $270,000.

Each flow-through unit consists of one flow-through share and one-half share purchase warrant. Each non flow-through unit consists of one common share and one-half share purchase warrant. In both cases, each whole warrant entitles the holder to purchase one additional common share at $0.20 for the first year following the date of issue and thereafter for $0.24 until the second anniversary of the issue date provided that following the expiry of the four month hold period, Harte may accelerate the expiry date of the warrants to the day which is 15 days following notice by Harte that the closing price of its shares on the TSX Venture Exchange has exceeded $0.20 for 20 consecutive trading days.

Proceeds of the issue will be used to fund exploration expenses on Harte's Ontario properties, corporate expenses and working capital.

A finders fee equal to $16,160 and 194,000 compensation units (40,000 units at $0.12 per unit and 154,000 units at $0.10 per unit) was paid to Integral Wealth Securities Limited for its services in connection with the financing. Compensation units consist of one common share and one-half share purchase warrant exercisable on the same terms as described above. The finders fee is equal to 8% cash and 10% compensation units on orders generated by Integral.

All securities issued are subject to a hold period of four months and one day from the date of issue in accordance with applicable securities laws and the requirements of the TSX Venture Exchange.

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 grammes / tonne gold or 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 in close proximity to the 2.5 million gold ounce Holloway-Holt Mine in the Timmins Porcupine gold camp.

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