Harfang Exploration Inc. (HAR) has officially closed a non-brokered private placement, raising gross proceeds of $750,000. The financing was split into two components: 12,000,000 hard dollar units priced at $0.05 each, and 2,727,273 flow-through common shares priced at $0.055 per share. Each hard dollar unit includes one common share and one-half of a warrant, with each whole warrant allowing the holder to purchase an additional share at $0.10 for up to two years.

The company intends to allocate the $150,000 in flow-through proceeds toward advancing exploration at its Sky Lake and Blakelock projects in Ontario. These funds will cover geological and geophysical programs specifically aimed at identifying and validating high-priority drill targets. The remaining net proceeds from the hard dollar unit sales are designated for general corporate purposes and working capital requirements.

The offering saw participation from several members of the company's management team, who collectively subscribed for 2,600,000 units for a total investment of $130,000. This participation qualifies as a related party transaction under regulatory guidelines, though the company noted it relied on exemptions regarding valuation and minority shareholder approval due to the size of the issuance relative to its total market capitalization. To facilitate the transaction, Harfang paid $2,000 in cash finder's fees and issued 272,727 common shares to eligible finders.

Following the close of this placement, the company has 115,435,717 common shares issued and outstanding. All securities issued through this financing remain subject to a statutory four-month hold period.

Reflecting on the capital raise, management highlighted the dual focus of supporting ongoing field activities while maintaining a stable financial foundation.

"We are very pleased with the support received from both existing shareholders and new investors"

"This financing strengthens our balance sheet and provides the capital required to continue advancing Sky Lake and Blakelock toward a drill-ready stage while maintaining the financial flexibility to execute on our broader corporate strategy, including our partnerships with Eramet, SOQUEM, and Fancamp"

— Rick Breger, President and CEO

The company plans to conduct geological and geophysical exploration programs at the Sky Lake and Blakelock projects to generate high-priority drill targets. With this liquidity secured, the technical team remains focused on reaching upcoming operational milestones throughout the remainder of the year. Through disciplined execution, the firm aims to refine its project pipeline while managing its existing corporate partnerships.

Read the full announcement: Harfang Completes Non-Brokered Private Placement