- Exploration company Hawkstone Mining (HWK), has raised $3.5 million to improve its mixed portfolio of US exploration and development assets
- Under the strongly supported placement, shares will be issued to institutional and professional investors at 0.012 cents
- Participants will also receive 2 free attaching unquoted option per 3 new shares, exercisable at 0.2 cents, with a 2 year expiry - subject to shareholder approval
- With a boost in the company's balance sheet, Hawkstone plans to use the funds for continued exploration, drilling and metallurgical studies across its projects in the U.S
- Shares in Hawkstone Mining have been 7.14 per cent lower, at 1.3 cents
Hawkstone Mining (HWK), has received firm commitments to raise $3.5 million, to improve its mixed portfolio of US exploration and development assets.
The company's US asset portfolio consists of Gold, Gold/Copper and Lithium projects, that are all at various stages of exploration.
Under the strongly supported placement to institutional and professional investors, shares will be issued at 0.012 cents. Participants will also receive 2 free attaching unquoted options, per 3 new shares. The unquoted options will be exercisable at 0.2 cents and expire in 2 years, however, this is subject to shareholder approval.
With a boost in the Company's balance sheet, Hawkstone plans to use the funds for continued exploration, drilling and metallurgical studies across its projects in the U.S.
In more detail, part of the funds will be used to continue exploration at the Long Pine Gold project in Idaho, with enough funds for follow up drilling in 2021.
Drilling at the Western Desert and Devils Canyon project is also set to commence around April or March next year.
As for its Big Sandy Lithium project in Arizona, the company is planning to progress the project, which includes metallurgical studies.
To add to the news results from the remaining five holes at the Lone Pine Gold project are expected to be available in two weeks.
Hawkstone Managing Director Paul Lloyd said the company is pleased with the strong support in the placement.
"We are now funded to continue targeting and refinement at all three gold projects leading into follow up drilling in the first half of 2021," Paul said.
"With assay results pending from Lone Pine and gold exploration projects in well-endowed gold producing regions, it is an exciting time for all Hawkstone stakeholders," he added.
Shares in Hawkstone Mining have been 7.14 per cent lower, at 1.3 cents.