Hawkmoon Resources (CSE:HM) Corp has announced a non-brokered private placement, consisting of both flow through units, issued at a price of $0.10 per unit, and non-flow through units, issued at a price of $0.09 per unit, with the intention of raising gross proceeds of up to C$1.5 million.
The company said it expects to allocate $800,000 from the financing to a drill program on its Wilson project, $250,000 for exploration at the Wilson project, and $450,000 for general working capital purposes, presuming the offering is fully subscribed.
Hawkmoon noted it expects to begin the Wilson project drill program in the summer of 2022.
READ: Hawkmoon Resources intersects wide gold zone in every hole drilled on Lava property in Quebec
Each flow through unit and non-flow through unit will be comprised of one company common share plus one common share purchase warrant, entitling the holder to acquire one additional Hawkmoon common share for a period of two years from the date of issuance, at a price of $0.12.
The company added the offering is available to all shareholders under the Existing Shareholder Exemption on a first come, first served basis and the subscriber may not purchase more than $15,000 value of securities from the company in any 12-month period, unless they have first received “suitability advice” from a registered investment dealer and, in such case, subscribers will be asked to confirm the registered investment dealer’s identity and employer.
All securities issued in connection with the offering will be subject to a four-month and one day hold period.
Hawkmoon Resources (CSE:HM) is set on unlocking the potential of undervalued projects in Quebec’s Abitibi region, an area that has housed more than 100 mines and produced in excess of 170 million ounces of gold.
The company currently has three exploration-stage properties in the region: Wilson, Romeo, and Lava.
Contact Sean at sean@proactiveinvestors.com