El Salvador lawmakers overturn mining ban Bukele called absurd
El Salvador became the first country in the world to ban all forms of metals mining in 2017.
Harvest Gold (TSXV:HVG) announced on Thursday that Crescat Portfolio Management LLC, a global macro asset management firm based in Denver, Colorado, has become a new strategic investor in the company.
The parties have entered into a subscription agreement under which Crescat will purchase 3.4 million units of Harvest Gold at a price of C$0.10 per unit for aggregate gross proceeds of C$340,000 ($267,000).
Each unit consists of one common share of Harvest Gold and one common share purchase warrant, exercisable at C$0.20 per share for a period of three years from the closing date of the private placement (December 31, 2021).
In the event the closing price of Harvest Gold’s shares is C$0.50 or greater during any 15 non-consecutive trading day period after June 15, 2022, the warrants will expire on the 30th day after the date on which the company provides notice of such accelerated expiry to Crescat.
Harvest Gold’s stock dropped 13.5% by 12:15 p.m. ET following the Crescat investment, trading at C$0.16 a share on the TSX Venture Exchange. The copper-gold junior has a market capitalization of C$5.3 million.
Harvest Gold is focused on the Interior Plateau of British Columbia, exploring for near-surface gold deposits and copper-gold porphyry deposits. Its flagship project is the Emerson property, consisting of five contiguous mineral claims located 15 km west of Houston, BC.
“We are extremely pleased to welcome Crescat as a significant new shareholder of the company. Crescat is known in the industry as a leading technical-based investor, and we believe its decision to join us further supports our hypothesis for discovery at Emerson,” Harvest Gold CEO Richard Mark said in a news release.
