Nighthawk Gold Corp. (TSX: NHK) announced this morning that they have entered into a revised bought deal financing agreement with Sprott Capital Partners due to a high level of interest. The revised agreement, which is in connection to a $20 million financing announced yesterday, will see the company now raise total gross proceeds of $23.5 million.
Under the terms of the financing, the company will now sell a total of 7.0 million units of the company at a price of $1.15 per unit, along with 10.3 million flow through units at a price of $1.51 per unit. Units are to consist of one common share of the issuer and one half warrant, while flow-through units are to contain one flow through share and a half warrant. Each warrant is valid for a period of 2 years at a price of $1.50 per share.
The company has also given underwriters an over-allotment option to purchase up to an additional 15% of the number of units and/or flow-through units sold during the offering.
The company intends to use proceeds from the flow through financing for exploration expenditures on the company’s Indin Lake Gold Property, located in Canada’s Northwest Territories. Net proceeds from the sale of the units will be used for general corporate purposes.
Nighthawk Gold Corp. last traded at C$1.22 on the TSX.
Information for this briefing was found via Sedar and Nighthawk Gold Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
How it Works: Order Spoofing, Part Two – Spoofing In The Small Cap Sector
JP Morgan’s $920 million fine for having manipulated gold markets with order spoofing was widely...