Metal Hawk raises $1.2M for gold drilling
- Metal Hawk has secured $1.2 million in firm commitments to fund reverse circulation and diamond drilling in Western Australia.
- ·Shares were issued at 9.5 cents each to sophisticated and existing investors.
- The new capital will directly support exploration activities targeting high-grade gold mineralisation at Leinster South.
Metal Hawk (ASX:MHK) has secured firm commitments to raise $1.2 million through a private placement ahead of drilling at its 100%-owned Leinster South Project.
The capital raise follows high-grade exploration intercepts at the Numbat lode within the Thylacine prospect, including 9m at 12.3 grammes per tonne of gold.
“The strong support we’ve received from existing shareholders in this placement reflects confidence in the Numbat discovery and the broader Leinster South opportunity,” said Metal Hawk Managing Director Will Belbin.
The issue price was set at 9.5 cents per share, with company directors also agreeing to subscribe for placement shares subject to shareholder approval at an upcoming general meeting.
The fresh funds will fully back current reverse circulation drilling as well as planned expansion programmes at the Thylacine prospect.
Following the announcement the Metal Hawk share price was unchanged at $0.11.
The explorer is focusing its Western Australian programmes on testing downplunge and along-strike extensions of known high-grade gold zones.
