Hawkmoon Resources (CSE:HM) Corp, a Canadian precious metals explorer, said it has prepared a comprehensive budget for its planned 5,000-meter drill program on the Wilson Project, expected to commence in July 2021.
The drill program is designed to test several historical drill intercepts from both the Toussaint and Midrim structures, as well as connect the showings, drill under the trenches, in an effort to extend the Toussaint showing to the west and the Midrim showing to the east.
To finance the program, Hawkmoon will carry out a non-brokered private placement of flow through (FT) units priced at $0.10 per FT unit.
READ: Hawkmoon Resources acquires a cluster of seven gold showings in Quebec’s Abitibi
There is also an offering of non-flow-through (NFT) units priced at $0.07 each. Through the offering, the company intends to raise aggregate gross proceeds of up to $1,000,000.
“At Wilson, we are looking to define the resource by completing a meaningful drill program,” Branden Haynes, CEO of Hawkmoon, said in the statement. “The company also intends to conduct further exploration on its Romeo Project by exploring an outcrop just east of Romeo that appears to be prospective through a trenching and sampling program.”
As described by Hawkmoon, Each FT unit will be composed of one common share issued on a flow-through basis pursuant to the Income Tax Act (Canada), and one common share purchase warrant.
Each warrant entitles the holder to acquire one additional common share for up to two years, at a price of $0.17.
Similarly, each NFT unit will be composed of one common share and one warrant.
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