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Harte Gold to raise C$20M for Sugar Zone project's development

Harte Gold Corp. said June 7 that it signed an agreement with a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. for a bought-deal private placement to raise about C$20 million.

In accordance with the deal, the underwriters will purchase 32,258,500 common Harte Gold shares at 62 Canadian cents apiece on a bought-deal basis and will also have an overallotment option to purchase up to 8,065,000 common shares more at the same price for additional C$5 million in proceeds.

The overallotment option may be exercised at any time before the closing date, which is scheduled on or about June 27, subject to certain conditions.

Harte Gold intends to use the proceeds for developing its Sugar Zone gold project in Ontario, for regional exploration and for general working capital.