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Harfang Exploration Inc. Announces Closing of a $1,452,880 Private Placement with Strategic Investors
MONTRÉAL, March 20, 2019 (GLOBE NEWSWIRE) -- Harfang Exploration Inc. (“Harfang” or the “Corporation”) (TSX-V: HAR) announces today the closing of a non-brokere
About this update from Harfang Exploration, Inc.
[{"type":"text","content":" MONTRÉAL, March 20, 2019 (GLOBE NEWSWIRE) -- Harfang Exploration Inc. (“Harfang” or the “Corporation”) (TSX-V: HAR) announces today the closing of a non-brokered private placement aggregating $1,452,880 (the “Private Placement”), consisting in the issuance of: 2,017,476 common shares of Harfang at a price of $0.21 per share (the “Common Shares”) for gross proceeds of $423,670; 1,214,286 flow-through common shares of Harfang at a price of $0.35 per share (the “$0.35 FT Shares”) for gross proceeds of $425,000; and 2,014,034 flow-through common shares of Harfang at a price of $0.30 per share (the “$0.30 FT Shares”) for gross proceeds of $604,210. CDPQ Sodémex Inc. (“CDPQ Sodémex”), Caisse de dépôt et placement du Québec’s mining portfolio, subscribed for 1,190,476 Common Shares in consideration for an amount of $250,000. CDPQ Sodémex contributes to the development of Québec’s mining industry by acquiring interests in junior mining companies and mining producers active in Québec. The $0.35 FT Shares were part of an arrangement through which Osisko Gold Royalties Ltd (“Osisko”) became the ultimate owner of all of the $0.35 FT Shares. Osisko now owns approximately 16.77% of the issued and outstanding shares in the capital of Harfang on a non-diluted basis. Insiders of the Corporation have participated in the placement of $0.30 FT Shares for proceeds of $28,500. The participation of such 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 Private Placement since the insider participation was not determined at that time. As a result of the Private Placement, 37,065,181 common shares of Harfang are issued and outstanding. Harfang will use the proceeds to fund exploration work on its properties, located in James Bay, Québec and working capital. All securities issued in connection with this Private Placement are subject to a hold period of four months and one day. The Private Placement is subjec...