Harfang Exploration Inc. (TSX-V: HAR) announces the closing of a non-brokered private placement.
The private placement consists in the issuance of 4,000,000 flow-through common shares at a price of $0.50 per FT Share for an amount of $2,000,000.
Reporting insiders of the Corporation have participated in the Offering of FT Shares for proceeds of $72,000 under the same terms and conditions as the other investors. The participation of these insiders is exempt from the formal valuation and shareholder approval requirements under Regulation 61-101 respecting Protection of Minority Holders in Special Transactions. The exemption is based on the fact that the market value of such participation or the consideration paid by such insider does not exceed 25% of the market capitalization of the Corporation.
All securities issued in connection with this Placement are subject to a hold period of four months and one day. The Offering is subject to the approval of the TSX Venture Exchange.
Finders fees aggregating $52,425 were paid to third parties dealing at arm’s length with Harfang.
The proceeds of the Offering will be used for a significant exploration program on the Serpent property, 100% owned by Harfang.
Harfang also announces the receipt of $594,000 following the exercise of 1,485,000 warrants at $0.40 per share, including $552,000 of warrants expiring on June 22, 2021.
Harfang is a mining exploration company whose primary mission is to discover new gold districts in the province of Québec. Harfang’s development model is based on the generation of new mining projects and on the establishment of partnerships with major exploration and mining companies to advance its exploration projects.
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We acknowledge the [financial] support of the Government of Canada.