Harte Gold Corp. said Dec. 18 that it upsized its previously announced bought-deal financing, now targeted to raise C$30.8 million, from the initial C$27.0 million, amid increased investor demand.
The offering now comprises 55,299,694 common shares at 47 Canadian cents apiece for the first tranche and 8,506,071 flow-through common shares at 56 cents apiece for the second tranche. The initial financing only included 1,785,715 flow-through common shares for the second tranche.
Harte Gold granted Cantor Fitzgerald Canada Corp. an option to purchase up to an additional 15% of the common shares and flow-through shares offered under the financing at the same prices, exercisable at any time prior to the closing date, potentially increasing the proceeds by up to C$4.6 million.
The financing is still expected to close on or around Dec. 22, subject to certain conditions. The flow-through proceeds are earmarked for exploration in Ontario, and the remainder will be used for the continued development of the preproduction-stage Sugar Zone gold project in Ontario and for general working capital.