Hawkmoon Resources Corp (CSE:HM, OTCQB:HWKRF) said it has prepared a comprehensive budget for its planned 5,000 meter drill program on the Wilson gold project in Quebec, which is expected to begin in July 2022.
The Vancouver-based resource company said it is well-financed with flow-through capital from its last private placement that closed in December 2021, and has earmarked those funds for exploration expenditures this summer and fall.
As well, Hawkmoon announced its intention to carry out a non-brokered ‘hard-dollar’ private placement of up to C$500,000, which will be carried out through two offerings, in order to finance ongoing general and administrative expenses.
“At Wilson, we are looking to define the resource by completing another meaningful drill program,” Hawkmoon Resources CEO Branden Haynes said in a statement.
READ: Hawkmoon receives all required drilling and trenching permits for Wilson gold project in Quebec
“The net proceeds from the offerings are expected to be used for general working capital and some market awareness programs,” Haynes added.
Hawkmoon noted that in the first offering, it intends to issue up to 10 million company warrants at a price of C$0.025 per warrant, for total gross proceeds of up to C$250,000.
Each warrant will be exercisable into one Hawkmoon common share, at a price of C$0.025 per share, at any time before 5.00pm on the date that is 24 months from the closing date.
With the second offering, meanwhile, the company intends to issue up to 5 million Hawkmoon units, at a price of C$0.05 per unit, for gross proceeds of up to C$250,000.
Each unit will consist of one company common share at $0.05 and one common share purchase warrant, with each unit warrant exercisable into one share at a price of $0.07 per share at any time before 5.00pm on the date that is 24 months from the closing date.
All securities issued in connection with the offerings will be subject to a four-month and one day hold period under applicable securities laws.
Hawkmoon also reported that it has closed a first tranche of the warrant offering, through the issuance of 4.2 million company warrants, for gross proceeds of C$105,000, and a first tranche of the unit offering through the issuance of 3 million Hawkmoon units, for gross proceeds of C$150,000.
The company added that it has paid a finder’s fee of C$12,005 and issued 560,000 Hawkmoon warrants to a finder for introducing investors to the company, who ultimately participated in the first tranche.
Hawkmoon Resources is focused entirely on its two Quebec gold projects. The Wilson gold project is located in one of the world's largest gold endowed areas, the Abitibi Greenstone Belt. The Wilson is accessed by government-maintained roads and is near the east of the town of Lebel-sur-Quevillon. The second project is situated in the Belleterre Gold Camp southwest of Val-d’Or.
Contact Sean at sean@proactiveinvestors.com