Gold Hart Copper Corp. and Rhyolite Resources Ltd. Sign Letter Agreement for Proposed Business Combination and Concurrent Financing
Gold Hart Leverages Institutional Backing and Sean Roosen Advisory to Fund Deep-Target Exploration
On February 17, 2026, Gold Hart Copper Corp. (HART) announced a letter agreement for a business combination with Rhyolite Resources Ltd. (RYE). Under the terms, RYE shareholders will receive 1 HART share for every 2.6 RYE shares held. Concurrent with this merger, HART is conducting a non-brokered private placement to raise between $4 million and $10 million. The financing consists of units priced at $0.26, where each unit includes one share and one-half of a warrant (exercise price $0.40 for 24 months). Notably, the financing features participation from strategic investors Northfield Capital Corporation and Robert Cudney. Additionally, Sean Roosen (a prominent mining executive) will join the Advisory Board upon closing. Trading was halted pending this announcement.
This news is a major pivot for Gold Hart. - Strategic Validation: The involvement of Robert Cudney and the appointment of Sean Roosen provide significant industry credibility. Roosen’s history with Osisko suggests HART is being positioned for a more aggressive growth or "roll-up" strategy. - Capital Infusion: The $10 million maximum financing is massive relative to the company's current cash position ($5.48M as of Oct 2025). It removes the immediate "going concern" risk and fully funds the expensive deep-drilling programs at Tolita. - Cost of Capital: The financing at $0.26 is a discount to the recent market price of $0.31, but the 24-month warrants at $0.40 provide a potential future capital path. - M&A Strategy: While details on Rhyolite Resources' assets are thin in the release, the structure suggests HART is the dominant vehicle, and RYE is likely being used to consolidate land or clean up a cap table.
Gold Hart Copper Corp. is focused on copper-gold porphyry targets in Chile. - Flagship Project: Tolita (Vicuña District). It sits near major deposits like Cerro Casale. - Development Status: Early-stage diamond drilling. The company is testing a 4.5 km² chargeability anomaly. - Other Assets: Nessa, Pingo, and Manto Carolina properties (Atacama region). These are targeted for high-grade surface mineralization (Au-Cu-Ag). - Historical context: The Tolita project was recognized in the 1990s but lacked deep drilling until HART’s 2025-2026 campaigns.