12:05 PM EDT, 07/14/2020 (MT Newswires) -- Harte Gold (HRT.TO) on Tuesday it arranged US$39.5 million in financing to support the reopening of its Sugar Zone mine in Ontario.

The company said it closed a private placement of shares that raised US$9.5 million and secured up to US$30 million in financing from ANR Investments 2 B.V, which holds a 24.4% stake in the company.

Harte said it now expects to restart operations at the Sugar Zone mine on July 17 after closing the mine at the end of March because of a lockdown.

"With the first tranche of the financing completed, we are mobilizing our work force to site in a safe and orderly manner. We have received an overwhelmingly positive response from our employees, who are eager to return and excited to start," chief executive Sam Coetzer said in a release.

The company's shares were last seen down C$0.005 to C$0.145 on the Toronto Stock Exchange.

Price: 0.15, Change: -0.01, Percent Change: -3.33