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Harte Gold overhauling management, board; C$6M bought-deal offering terminated

Harte Gold Corp. is overhauling its management and board as it ramps up the Sugar Zone gold mine in Ontario, where the company achieved commercial production in January.

Stephen Roman resigned as president and CEO, and a replacement is expected by Oct. 28. Meanwhile, Roman will serve as interim CEO and remain as the board's nonexecutive chairman.

The company said Aug. 28 that it is also looking for a new CFO and COO.

Harte Gold will also elect two new independent directors as well as the new CEO to its board, and directors Fergus Kerr and Richard Faucher have agreed to resign to allow for the board renewal.

Additionally, the company's previously announced bought-deal financing to raise C$6 million was terminated by the sole underwriter and bookrunner Echelon Wealth Partners Inc.

The company noted that it has a standby commitment with Appian Natural Resources Fund for up to US$7.5 million in non-equity financing, and expects to raise additional capital during the rest of the year for short-term working capital and operational needs.

The standby commitment is in addition to a previously agreed equity investment of US$10 million with Appian.