ONTARIO – Toronto-based Harte Gold Corp
. has closed a $25 million bought deal private placement, including the underwriters’ option. Harte issued approximately 40.3 million common shares at a price of $0.62 per share.
[caption id="attachment_1003719063" align="alignleft" width="337"] Location of Harte Gold’s Sugar Zone deposit relative to other producing gold mines in Northern Ontario. (Credit: Harte Gold Corp.)
Roughly half the shares – 19.5 million – were purchased by Appian Natural Resource Fund. Appian now owns, either directly or indirectly, about 17% of Harte.
Harte will use the net proceeds of the financing to advance the development of its Sugar Zone property 60 km east of the Hemlo Gold Camp. The property has an indicated resource of 1.1 million tonnes grading 8.41 g/t gold for 302,000 oz. of contained gold. There is also an inferred resource of 417,000 tonnes grading 7.13 g/t that contains an additional 95,000 oz.
Last month the company reported drilling 115.49 g/t gold over 2.05 metres, including 659.00 g/t over 0.3 metre.
Please see the news at www.HarteGold.com
for more drilling results.