Special Report: The early exercise of options by investors raised an extra $1.77m to fund exploration of Hawkstone Mining’s (ASX:HWK) exciting high-grade gold project.
Due to expire in April 2023, 147,500,000 unlisted options have already been exercised at $0.012 each to raise $1.77m – demonstrating strong support from institutional and sophisticated investors.
This extra cash means Hawkstone can accelerate exploration activities at the high-grade Lone Pine gold project in Idaho, US.
The advanced Lone Pine project, acquired by Hawkstone in February, comes with a non-JORC compliant resource estimate of 71,178oz grading +18 grams per tonne (g/t) based on historical work done in 1935.
This current exploration strategy will be reviewed and increased based on the new available funding, the company says.
“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 says.
“We now look forward to increasing the gold exploration effort with the aim of rapidly defining a potentially high-grade JORC complaint resource at the Lone Pine gold project, in the mining friendly state of Idaho, USA.”
Hawkstone (ASX:HWK) share price graph:
This story was developed in collaboration with Hawkstone Mining, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.