Long section of the Colomac gold property.
NORTHWEST TERRITORIES – Toronto-based Nighthawk Gold Corp. has closed a $25.1-million financing for exploration at its Indin Lake gold project. The property includes the historic Colomac gold mine and several other targets.
Nighthawk issued approximately 12.4 million flow-through units at a price of $0.93 each and 16.4 million units at a price of $0.70 each for a total of $23.0 million. Each unit is composed of one flow-through or common share and one-half a common share purchase warrant. The company issued an additional 824,631 compensation options and 3.0 million units at a price of $0.70 each for gross proceeds of approximately $2.1 million.
The proceeds of the flow-through offering will support exploration work at the Indin Lake property. The Colomac mine property includes the Colomac Main, Goldcrest North and South, Grizzly Bear and 24/27 deposits. The former mine – based on the Colomac Main deposit – operated from 1990 to 1997, producing more than 525,000 oz of gold. The other deposits are undeveloped.
Last summer Nighthawk drill program expanded the Colomac deposit and confirmed the continuity at depth of the Goldcrest deposit. See the most recent corporate presentation at www.NighthawkGold.com.