Montréal, June 23, 2017 – Harfang Exploration Inc. (formally RedQuest Capital Corp.) is pleased to announce the completion of the previously announced qualifying transaction and merger involving Harfang Exploration Inc., RedQuest Capital Corp. (“RedQuest”) and 9361-5029 Québec Inc. (the “Transaction”) which constituted the qualifying transaction of RedQuest under the policies of the TSX Venture Exchange.
Harfang Exploration Inc. (“Harfang”) has received conditional approval from the TSX Venture Exchange (the “TSXV“). Trading of its common shares is expected to commence on the TSXV on or about June 30, 2017 under the symbol “HAR”.
Harfang has also closed its $2,677,000 concurrent financing. Under the financing, Harfang has issued (a) 7,642,000 units at a price of $0.25 per unit. Each unit is comprised of one (1) common share and one half (1/2) warrant. Each whole warrant is exercisable into one additional common share for 24 months from the closing date of the private placement at an exercise price of $0.40 per common share; and (b) 1,916,250 “flow-through” common shares at a price of $0.40 per share.
In connection with the private placement, Harfang has paid finder’s fee for an aggregate amount of $2,900 to arm’s length finders.
“The completion of the Transaction and financing is an important milestone for Harfang” stated François Goulet, President and CEO of Harfang. “I am enthusiastic and look forward to carrying out the exploration program on our Lake Ménarik Property “, he added.
Following completion of the Transaction and of the financing, Harfang has a total of 28,048,135 common shares issued. Shareholders of RedQuest hold as a group 2,272,552 common shares (including the 325,198 common shares issued at a price of $0.25 per share for settlement of debt to Directors of RedQuest). Shareholders of Harfang hold 16,217,333 common shares and investors in the concurrent private placement hold 9,558,250 common shares.
The board of directors and management of the Corporation is now comprised of the following individuals: François Goulet, President and Director, André Gaumond, Chairman and Director, Jean-Pierre Janson, Director, Frank Mariage, Director, Robin Villeneuve, Director, Sylvie Prud’homme, Director, Marc Pothier, Corporate Secretary and Yvon Robert, Chief Financial Officer.
Harfang has also today granted stock options to purchase an aggregate 550,000 shares, pursuant to the terms of the Company’s stock option plan to directors, officers, employees and consultants of the Company. These options are exercisable at $0.25 per Share for a term of ten years from the date of issue.
Additional information about Harfang and the Transaction is available in the filing statement dated June 14, 2017 and filed on SEDAR (www.sedar.com).
