MONTREAL, Dec. 30, 2024 (GLOBE NEWSWIRE) — Harfang Exploration Inc. (Harfang or Company) (TSX.V: HAR) is pleased to announce the completion of an unbrokered private placement (the Offering) consisting of the issuance of 7,090,000 common shares at a price of $0.085 per share (the Flow Shares) , for gross proceeds of $602,650. The proceeds of the Offering will be used to advance the Company’s portfolio of gold and lithium exploration projects in Québec and Ontario.
Company insiders bought 200,000 current shares. Insider participation constitutes a “related party transaction” within the meaning of TSX Venture Exchange rules and Multilateral Instrument 61-101 – Protection of Minority Holders of Securities in Special Transactions (“MI 61-101”). The Company relies on exemptions from formal valuation and minority shareholder approval requirements pursuant to Sections 5.5(a) and (b) and 5.7(1)(a), respectively, of MI 61-101 on the basis that neither the fair market value of the subject transaction, nor the fair market value of the consideration for the transaction to the extent that it involves interested parties (within the meaning of MI 61-101) in the financing exceeds 25% of the Company’s market capitalization calculated in accordance with MI 61-101, and on the basis that the Company’s securities are not listed or quoted on the stock exchange as stated in MI 61-101.
All securities issued in connection with the Offer are subject to a hold period of four months and one day. The offering is subject to approval by the TSX Venture Exchange.
Finders’ fees totaling $33,625 were paid to third parties who did arm’s length business with the company.
About Harfang Exploration Inc.
Harfang Exploration Inc. is a well-funded technically driven mineral exploration company with the primary objective of discovering ore deposits in Québec and Ontario. The company is managed by an experienced team of industry professionals with a proven track record of success and controls a portfolio of highly promising projects. Harfang is committed to best practices through collaboration with all stakeholders and commitment to the environment.
For additional information, please contact:
Vincent Dubé-Bourgeois
Interim President and CEO
info@harfangexploration.com
Cautionary Statement Regarding Forward-Looking Information
The information in this press release includes certain information and statements about management’s views on future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based on assumptions that are subject to significant risks and uncertainties. Due to these risks and uncertainties and as a result of a number of factors, actual results, expectations, achievements or performance may differ materially from those anticipated and indicated in these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements, as well as future results. Although Harfang believes that the expectations expressed in the forward-looking statements are reasonable, it cannot guarantee that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Harfang disclaims any intention and undertakes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors which affect such future- by viewing statements or otherwise.
Neither the TSX Venture Exchange nor its regulatory service provider (as that term is defined in the TSX Venture Exchange Rules) accepts responsibility for the adequacy or accuracy of this release.
Source: Harfang Exploration Inc.
