Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
As it extends the mineralization at Indin Lake, Nighthawk Gold’s (TSXV: NHG) has announced C$20 million bought deal financing. It will issue 8.6 million flow-through units at C$1.51 each and 6.1 million general units at C$1.15 each.
Each flow-through unit comprises one flow-through share and half of one warrant to be issued on a non-flow-through basis. Each full warrant will entire the holder to acquire one common share at a price of C$1.50 during the 24 months following the closing date of the original offer.
The syndicate of underwriters, led by Sprott Capital Partners, have been granted an over-allotment option for a further 15% of the number of both kinds of units sold.
Nighthawk owns 100% of the Indin Lake gold project in the Northwest Territories near the site of the past-producing Colomac mine. Resources at the project include 38.7 million indicated tonnes grading 1.81 g/t gold and containing over 2.2 million oz. The inferred portion is 11.5 million tonnes grading 2.13 g/t and containing 786,100 oz. of gold.
(This article first appeared in the Canadian Mining Journal)
