Harfang Announces Closing of Private Placement
HARFANG ANNOUNCES CLOSING OF PRIVATE PLACEMENT
MONTREAL, Québec, December 22, 2023 - (TSX-V: HAR) (“Harfang” or the “Company”) is
pleased to announce that it has completed a non-brokered private placement for gross proceeds
of $940,500 (the “Private Placement”).
Pursuant to the Private Placement, Harfang issued an aggregate of (a) 2,733,333 flow-through
common shares as a part of a charity arrangement (the “Charity FT Shares”) at $0.30 per Charity
FT Share and (b) 573,811 flow-through common shares (the “FT Shares”) at $0.21 per FT Share.
“We are excited to welcome a new institutional shareholder to Harfang and would like to thank
the continued support of our existing shareholders participating in this placement ,” said Rick
Breger, President. “With this additional liquidity, we further reinforce our optionality and financial
flexibility. We, at Harfang, are all looking forward to an exciting 2024 and wish all our stakeholders
and happy and safe Holiday Season.”
The proceeds from the Private Placement will be used for exploration expenditures on the
Company’s projects located in the Province of Québec. More particularly, the proceeds will be
used for “Canadian exploration expenses” within the meaning of the Income Tax Act (Canada),
and be incurred on or before December 31, 2024 and renounced to the subscribers with an
effective date no later than December 31, 2023. In addition, t he proceeds arising from the
issuance of the Charity FT Shares will, once renounced, qualify as “flow-through critical mineral
mining expenditures” within the meaning of the Income Tax Act (Canada). Finally, the proceeds
will qualify under the Taxation Act (Québec) as (a) an expense for inclusion in the “exploration
base relating to certain Québec exploration expenses” within the meaning of the Taxation Act
(Québec) and (b) an expense for inclusion in the “exploration base relating to certain Québec
surface mining expenses” within the meaning of the Taxation Act (Québec).
An insider of the Company has participated in the Private Placement for an amount of $ 10,500
under the same terms and conditions as the other investors. The participation of th is insider is
exempt from the formal valuation and shareholder approval requirements under Regulation 61 -
101 respecting Protection of Minority Holders in Special Transactions. The exemption is based
on the fact that the market value of such participation or the consideration paid by such insider
does not exceed 25% of the market capitalization of the Company.
The securities issued under the Private Placement are subject to a four -month-and-one-day
statutory hold period expiring on April 23, 2024. As a result of the closing of the Private Placement,
there are 64,166,000 common shares of Harfang issued and outstanding. The Private Placement
was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to
final acceptance by the TSX Venture Exchange.
Finder’s fees related to the Private Placement equal to an aggregate amount of $3,525 were paid
to arm’s length third parties of Harfang.
About Harfang Exploration Inc.
Harfang Exploration Inc. is well financed with approximately $6.7M in the treasury as of December
22, 2023 and is a technically driven mineral exploration company with the primary mission to
discover 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
prospective projects. Harfang is dedicated to best practices through engagement with all
stakeholders and commitment to the environment.
On behalf of the Board of Directors and for further information, please contact:
Ian Campbell
Chief Executive Officer
Tel: 647 680-3820
Email: [email protected]
Rick Breger
President
Tel: 416 809-0728
Email: [email protected]
Web: www.harfangexploration.com
Cautionary Statement Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management’s view
of future events, expectations, plans and prospects that constitute forward-looking statements. These
statements are based upon assumptions that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of factors, the actual results, expectations,
achievements or performance may differ materially from those anticipated and indicated by 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 reflected in
forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-
looking statements will prove to be correct. Except as required by law, Harfang disclaims any intention and
assumes 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, chan ges in factors affecting such
forward-looking statements or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.