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Harvest Gold Announces Closing of Non-Brokered Private Placement with Crescat Capital LLC Participating as Lead Investor
Vancouver, British Columbia – TheNewswire - September 27, 2024 ‑ Harvest Gold Corporation (TSXV: HVG) (“Harvest Gold” or the “Company”) announces that, further
About this update from Harvest Gold Corporation
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - September 27, 2024 ‑ Harvest Gold Corporation (TSXV: HVG) (“Harvest Gold” or the “Company”) announces that, further to its news releases of September 10, 2024 and September 23, 2024, and subject to the final approval of the TSX Venture Exchange (the “Exchange”), it has closed its non-brokered private placement (the “Private Placement”) issuing 10,625,000 units of the Company (the “Units”) at $0.04 per Unit raising total gross proceeds of $425,000. On September 20, 2024, the Company closed its Private Placement of flow-through units (the “FT Units”) issuing 1,960,000 FT Units at $0.05 per FT Unit raising gross proceeds of $98,000. The Company has raised a total of $523,000 in both closings. Crescat Capital LLC, as lead investor in the Private Placement, purchased 5,000,000 Units bringing their non-diluted ownership of Harvest Gold common shares to approximately 18.90%. Rick Mark, President and CEO states: “Crestcat’s continued support of our district scale three property package in the Urban Barry region of Quebec, now largely controlled by Gold Fields, is the best signal we can send to the market that this opportunity is worthy of attention. We also appreciate Crescat’s ongoing input into our exploration planning.” Each Unit issued in the Private Placement consists of one common share in the capital of the Company (a “Share”) and one transferable common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional Share at a price of $0.07 for a period of two years from the closing (the “Closing Date”) of the Private Placement. Richard Mark, CEO and a director of the Company, and Len Brownlie, a director of the Company, each purchased 272,500 Units, Christopher P. Cherry, CFO and a director of the Company, purchased 125,000 Units, and Patrick Donnelly and Edward Zablotny, directors of the Company each purchased 50,000 Units in the Private Placement. As such, their participation constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units acqui...