Join our daily newsletter At The Bell to receive exclusive market insights
- Hawkstone Mining (HWK) has announced the early exercise of options to raise $1.77 million for its Lone Pine Gold Project in Idaho
- 147.5 million unlisted options will be issued to institutional and sophisticated investors at 1.2 cents each
- These options will be issued on July 13 and will expire on April 29 2023
- This money will provide Hawkstone with funding to speed-up exploration at Lone Pine and for general working capital
- Hawkstone is steady on the market today and shares are trading for 1.6 cents each
Hawkstone Mining (HWK) has announced the early exercise of options to raise $1.77 million for its Lone Pine Gold Project.
A total of 147.5 million unlisted options will be issued to institutional and sophisticated investors at an exercise price of 1.2 cents each.
These options will be issued on July 13 and will expire on April 29, 2023.
This money will provide Hawkstone with funding to speed-up exploration at its Lone Pine Gold Project in Idaho, U.S., and for general working capital.
“It is gratifying to confirm that the management team’s excitement for the maiden exploration drilling program at the high-grade Lone Pine Gold Project is also shared by the option holders that have exercised early, many of which are long term shareholders in Hawkstone,” Managing Director Paul Lloyd said.
“We now look forward to increasing the global exploration effort, with the aim of rapidly defining a potentially high-grade JORC compliant resource at the Lone Pine Gold Project,” he added.
The company began its maiden drilling program at Lone Pine in mid-June, with aims to identify the first JORC compliant mineral resource.
It currently has a non-JORC compliant mineral resource estimate of 71,128 ounces of gold, based on 122,600 tonnes at 18.06g/t gold.
Lone Pine was last mined in 1907 and has not been subjected to modern mining techniques.
Hawkstone is steady on the market today and shares are trading for 1.6 cents each at 1:34 pm AEST.
