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Harfang Completes a $1,123,750 Private Placement with Investors Including Institutional Funds
MONTREAL, July 12, 2018 (GLOBE NEWSWIRE) -- Harfang Exploration Inc. (“Harfang” or the “Corporation”) (TSX VENTURE:HAR) announces today the closing of a non-bro
About this update from Harfang Exploration, Inc.
[{"type":"text","content":" MONTREAL, July 12, 2018 (GLOBE NEWSWIRE) -- Harfang Exploration Inc. (“Harfang” or the “Corporation”) (TSX VENTURE:HAR) announces today the closing of a non-brokered private placement concluded with investors including institutional funds. The private placement of $1,123,750 (the “Placement”) consists in the issuance of 2 565 000 units (the “Units”) at a price of $0.25 per unit for a placement of $641,250, each Unit being composed of one (1) common share of Harfang (“Share”) and one half (1/2) common share purchase warrant, each warrant entitling its holder to subscribe to one (1) Share at a price of $0.40 per Share during a 24-month period; and 1,206,250 flow-through shares (“FT Shares”) at a price of $0.40 per FT Share for a placement of $482,500. The following funds participated in the Placement of Units: Capital croissance PME II S.E.C. (“CCPME”), Société de développement de la Baie James (“SDBJ”), as well as the Fonds de solidarité des travailleurs du Québec (F.T.Q.) (“Fonds de solidarité FTQ”) and SIDEX, société en commandite (“SIDEX”), these last two in an amount of $100,000 each through FIELD-ACTION 2018, an initiative designed to encourage junior mining companies to perform their fieldwork in Québec while at the same time supporting their working capital. Insiders of the Corporation have participated to the Placement of Units for proceeds of $25,000 and to the Placement of FT Shares for proceeds of $34,000. The insiders of the Corporation subscribed 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 as per Sections 5.5(a) and 5.7(1)(a) of 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 value of the Corporation. The Corporation has not filed a material change report at least 21 days prior to the completion of the Placement since the insider participation was not determined at that time. All securities issued in connection with this Placement are subject to a hold period of four months and one day. The Placement is subject to the approval of the TSX Venture Exchange. Finders fees of $3 300 were paid to th...