(TheNewswire)
Vancouver, British Columbia / June3 , 2024 – TheNewswire – Harvest Gold Corporation (TSXV: HVG)(“ Harvest Gold ” or the “ Company ”) announces that, furtherto its news release of April 29, 2024 and subject to the finalapproval of the TSX Venture Exchange (the “ Exchange ”), it has closed itsnon-brokered private placement (the “ Private Placement ”) issuing 4,285,715 units of the Company(the “ Units ”) at $0.035per Unit raising total gross proceeds of $150,000.
Crescat Capital, as lead investor in the Private Placement, purchased1,700,000 Units, representing approximately 40% of this PrivatePlacement to bring their non-diluted ownership of Harvest Gold commonshares to approximately 14.19%.
Dr. Quinton Hennigh, Technical and Geologic Director ofCrescat Capital states: “We are delighted to see Harvest Gold securea district scale land package in an underexplored greenstone belt onstrike with one of the more notable new gold camps to emerge in theSuperior Province of Quebec. They have stealthily assembled a projectwith excellent potential, and we are quite anxious to see what someboots on the ground prospecting delivers.”
Rick Mark, President and CEO of Harvest Cold states: “The fact thatCrescat has committed to our early stage, three large propertypackages in the Urban Barry region of Quebec is excellent news for ourshareholders. Working with Quinton and the Crescat team on keyexploration decisions and on future financing strategies makes us thatmuch stronger going forward. My thanks to them for their confidence inus and this emerging Quebec gold story.”
Each Unit issued in the Private Placement consists of one common sharein the capital of the Company (a “ Share ”) and one transferable common share purchase warrant(a “ Warrant ”). EachWarrant entitles the holder to purchase one additional Share at aprice of $0.07 for a period of two years from the closing (the“ Closing Date ”) of thePrivate Placement. The Company intends to use the proceeds forexploration costs and general working capital.
Richard Mark, CEO and a director of the Company, and Len Brownlie, adirector of the Company, each purchased 400,000 Units in the PrivatePlacement. As such, their participation constitutes a“related party transaction” as defined under MultilateralInstrument 61-101 Protectionof Minority Security Holders in Special Transactions (“ MI61-10 1”). Such participation is exempt fromthe formal valuation and minority shareholder approval requirements ofMI 61-101 as neither the fair market value of the Units acquired bythe insiders, nor the consideration for the Units paid by suchinsiders, exceed 25% of the Company’s market capitalization.
The Company paid finder’s fees of $980 cash and 28,000 finder’swarrants (the “ Finder’s Warrants ”) to Leede JonesGable Inc. in connection with the closing of the Private Placement.The Finder’s Warrants are non-transferable and exercisable at $0.07per Share until the Expiry Date.
The Company also announces that the Warrant terms were amended fromthe original announcement to remove the acceleration provisionattached to the Warrants.
All securities issued pursuant to the Private Placement are subject tothe Exchange Hold Period and a four-month and one day hold periodpursuant to securities laws in Canada expiring on October 1, 2024.
About Crescat Capital LLC
Crescat is a value-driven asset management firm headquartered inDenver, Colorado with a global macro thematic overlay. The currentgoal of its activist metals’ strategy is to help explorationcompanies create new economic metal deposits in viable miningjurisdictions around the world ahead of a likely M&A cycle. Thecompany’s investment process involves a mix of asset classes andstrategies to assist with each client’s unique needs and objectivesand includes Global Macro, Long/Short, and Precious Metals funds.
Crescat is advised by its technical consultant, Dr. Quinton Hennigh oninvestments in gold, silver, and base-metal resource companies. Dr.Hennigh became an economic geologist after obtaining his PhD inGeology/Geochemistry from the Colorado School of Mines. He has morethan 30 years of exploration experience with major gold mining firms,including Homestake, Newcrest, and Newmont.
About Harvest Gold Corporation
Harvest Gold is focused on exploring for near surface gold depositsand copper-gold porphyry deposits in politically stable miningjurisdictions. Harvest Gold’s board of directors, management teamand technical advisors have collective geological and financingexperience exceeding 400 years.
Harvest Gold has three active gold projects focused inthe Urban Barry area, totalling 329 claims covering 17,539.25ha , located approximately 45-70 km east of Osisko-GoldFields Windfall Deposit.
Harvest Gold acknowledges that the Mosseau Gold Projectstraddles the Eeyou Istchee-James Bay andAbitibi territories. Harvest Gold is committed to developingpositive and mutually beneficial relationships based on respect andtransparency with local Indigenous communities.
ON BEHALF OF THE BOARD OFDIRECTORS
Rick Mark
President and CEO
Harvest Gold Corporation
For more information please contact:
Rick Mark or Jan Urata
@ 604.737.2303 or info@harvestgoldcorp.com
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Forward Looking Information
This news release includes certain statements that maybe deemed "forward looking statements". All statements inthis news release, other than statements of historical facts, thataddress events or developments that Harvest Gold expects to occur, areforward looking statements. Forward looking statements are statementsthat are not historical facts and are generally, but not always, identified by the words "expects","plans", "anticipates", "believes","intends", "estimates", "projects","potential" and similar expressions, or that events orconditions "will", "would", "may","could" or "should" occur.
Although the Company believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performanceand actual results may differ materially from those in theforward-looking statements. Factors that could cause the actualresults to differ materially from those in forward looking statementsinclude market prices, exploitation and exploration successes, andcontinued availability of capital and financing, and general economic,market or business conditions. Investors are cautioned that any suchstatements are not guarantees of future performance and actual resultsor developments may differ materially from those projected in theforward-looking statements. Forward looking statements are based onthe beliefs, estimates and opinions of the Company’s management onthe date the statements are made. Except as required by securitieslaws, the Company undertakes no obligation to update theseforward-looking statements in the event that management's beliefs,estimates or opinions, or other factors, should change.
The securities referred to in thisnews release have not been, and will not be, registered under theUnited States Securities Act of 1933, as amended (the “U.S.Securities Act”), or any applicable securities laws of any state ofthe United States, and may not be offered or sold within the UnitedStates or to, or for the account or benefit of, U.S. persons (as suchterm is defined in Regulation S under the U.S. Securities Act) orpersons in the United States unless registered under the U.S.Securities Act and any other applicable securities laws of the UnitedStates or an exemption from such registration requirements isavailable.
This press release does notconstitute an offer to sell or a solicitation of an offer to buy anyof these securities within any jurisdiction, including the UnitedStates. Any public offering of securities in the United States mustbe made by means of a prospectus containing detailed information aboutthe company and management, as well as financial statements.
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