GOLD: Harte raises $27M with offtake deal for Sugar Zone

ONTARIO – Harte Gold Corp. of Toronto has announced a private placement of $27 million to be used to advance its Sugar […]
Visible gold in a sample from the Sugar Zone project near Hemlo. (Image: Harte Gold Corp.)

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ONTARIO – Harte Gold Corp. of Toronto has announced a private placement of $27 million to be used to advance its Sugar Zone project 60 km east of the Hemlo gold camp. [caption id="attachment_1003721289" align="alignleft" width="331"] Visible gold in a sample from the Sugar Zone project near Hemlo. (Image: Harte Gold Corp.)[/caption] Harte will issue approximately 55.3 million common shares at $0.47 each and about 1.8 million flow-through shares at $0.56 each. Orion Mine Finance has agreed to invest $15 million, and Appian Natural Resources Fund intends to participate on a pro rata basis, increasing its shareholding in Harte to about 19.99%. Harte Gold has also agreed to provide Orion and Appian with an offtake of a portion of the Sugar Zone gold production at LME spot prices. The investors have also been granted a first offer on any future acquisition financing. The underwriters of the offering have also been offered an overallotment of 15% additional common and flow-through shares. This would raise an additional gross amount of $4.0 million. Earlier this year, Harte raised $25 million for Sugar Zone development. Visit www.HarteGold.com for project details.

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