Metal Hawk Limited announces successful capital raise

Metal Hawk (ASX:MHK) has raised A$2.5 million through a placement to existing shareholders at A$0.20 per share. This is a 2.5% discount to the last closing price. The funds will support gold exploration at the Leinster South Project in Western Australia.

Summary of Metal Hawk's strategic capital raise

Metal Hawk (ASX:MHK) has successfully raised A$2.5 million to fund its gold exploration activities at the Leinster South Project. The capital raise was achieved through the issuance of 12,500,000 new shares at A$0.20 each, representing a 2.5% discount to the last closing price and a 6% premium to the 5-day VWAP prior to the placement. The funds will support a maiden drilling program targeting high-grade gold prospects along the Lawlers Anticline. Directors have also committed to a portion of the shares, pending shareholder approval. The company aims to capitalize on recent high-grade discoveries and advance its exploration efforts, with a heritage clearance survey scheduled for early 2025. Metal Hawk is positioned for potential exploration success with the backing of its major shareholders.

Executive commentary on capital raise

We are pleased with the strong support from our shareholders. This capital raise allows us to advance our maiden drilling program at Leinster South, and we are excited about the exploration opportunities ahead.