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Gold/Mining/Energy : HAWKEYE GOLD INTERNATIONAL INC. (VSE:HGO) -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (422)	7/28/1998 2:35:00 PM
From: Jesse	Read Replies (1) \| Respond to of 472

Hawkeye Gold Corporation - $2m private placement receives VSE acceptance Hawkeye Gold Corporation HAW Shares issued 5,215,314 1998-07-10 close $0.18 Wednesday Jul 15 1998 Mr. Greg Neeld reports Hawkeye Gold has received VSE acceptance in principal for a brokered private placement previously announced in Stockwatch June 8, 1998 for 5,000,000 units at 40 cents to raise $2,000,000. Each unit will consist of one flow through share, one non-flow through share and two non-transferable warrants exercisable for two years. Each warrant entitles the holder to purchase one additional non-flow through share for 20 cents during the first year and 23 cents during the second year. As the company's agent, Georgia Pacific Securities will receive a commission of 10 per cent payable in cash and warrants to purchase up to 2,500,000 non-flow through shares for 20 cents during the first year and 23 cents during the second year. The company has agreed to file a current AIF prior to closing to reduce the applicable hold period to four months. A portion of the proceeds will be used to carry out induced polarization and magnetometer surveys on the TRI and REBA claims in the Northwest Territories at an estimated cost of $75,000 and, on successful completion and evaluation of those surveys, a $300,000 diamond drilling program. An additional $100,000 has been allocated for the compilation of available geological information and evaluation of airborne geophysical data and seismic data on the Front Range property in Alberta to identify anomalies which could be indicative of lamproite or kimberlite intrusions. That program will be followed up by a $200,000 program consisting of local mapping and sampling of the glacial overburden, and stream and bedrock sampling for diamond indicator minerals and, possibly, diamonds over and adjacent to high priority anomalies defined by the first stage compilation. The stage two program will also include ground magnetic surveys over high priority anomalies. A third stage, contingent on the success of the first and second stage programs, would consist of diamond drilling to test these anomalies which could be indicative of lamproite or kimberlite. The estimated cost of a 1,500 metre drilling program is approximately $450,000. No funds have been allocated to this third stage from the proposed offering, but the company has established an exploration reserve of $325,000 for additional work on the TRI and REBA claims and/or the Front Range property, dependent on the results of the initial work programs. The balance of the proceeds will be used to pay the agent's commission, for property payments, to cover administrative costs and overhead for the next 12 months and for general working capital. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com - - - - - - - - - - - - - - - - - - - I like the way this company approaches its ventures, and reports them. It also bodes well that any such financings can be accomplished in these rough resource markets! -------- - Yesterday, Kennecott (a major player) announced it is joining Montello in the ADP (Alberta Diamond Play). This is good news for all participants, including Hawkeye, who has some prospective land in Alberta, as referred to above. ____ Just stopping by-- see ya later! -j :>