On August 4, 2023, National Bank Financial Inc., in its capacity as lead underwriter, completed a bought deal private placement offering of: (i) 11,250,000 common shares of Nighthawk Gold Corp. (the “HD Shares”) at a price of C$0.40 per HD Share, and (ii) 14,821,913 common shares of Nighthawk Gold Corp. issued on a flow-through basis (the “FT Shares”) at a price of C$0.46 per FT Share, for aggregate gross proceeds of C$11,318,080, which reflects a partial exercise of the Underwriter’s Option.
The aggregate net proceeds raised from the HD Shares will be used to fund ongoing project development expenditures, and for working capital and general corporate purposes. An amount equal to the aggregate gross proceeds raised from the FT Shares will be used to incur, on or before December 31, 2024, “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada) (the “Tax Act”)), that will qualify as “flow-through mining expenditures” within the meaning of the Tax Act (the “Qualifying Expenditures”). The Qualifying Expenditures shall be renounced to the purchasers of the FT Shares effective on or before December 31, 2023.
Fasken advised National Bank Financial Inc. with a team comprised of Bradley Freelan, Taisha Lewis, Alexis Shamess, Taylor West, and Greer Tanzer.
Jurisdiction
- Ontario
