Harfang Completes a $2M Flow Through Private Placement

MONTREAL, June 25, 2021 (GLOBE NEWSWIRE) — Harfang Exploration Inc. (“Harfang” or the “Corporation”) (TSX-V: HAR) announces today the closing of a non-brokered private placement.

The private placement (the “Offering”) consists in the issuance of 4,000,000 flow-through common shares (the “FT Shares”) at a price of $0.50 per FT Share for an amount of $2,000,000.

Reporting insiders of the Corporation have participated in the Offering of FT Shares for proceeds of $72,000 under the same terms and conditions as the other investors. The participation of these insiders 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 Corporation.

All securities issued in connection with this Placement are subject to a hold period of four months and one day. The Offering is subject to the approval of the TSX Venture Exchange.

Finders fees aggregating $52,425 were paid to third parties dealing at arm’s length with Harfang.

The proceeds of the Offering will be used for a significant exploration program on the Serpent property, 100% owned by Harfang.

Warrants

Harfang also announces the receipt of $594,000 following the exercise of 1,485,000 warrants at $0.40 per share, including $552,000 of warrants expiring on June 22, 2021.

About Harfang

Harfang is a mining exploration company whose primary mission is to discover new gold districts in the province of Québec. Harfang’s development model is based on the generation of new mining projects and on the establishment of partnerships with major exploration and mining companies to advance its exploration projects.

Forward-Looking Statements

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Harfang’s periodic reports including the filings made by Harfang from time to time with securities regulatory authorities.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. The securities described herein may not be offered or sold in the United States absent registration or an exemption from registration.

Neither 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.

For more information, please contact:

Harfang Exploration Inc.
François Goulet, President and Chief Executive Officer
Tel: 514 940-0670 #339
Email : fgoulet@harfangexploration.com