$2.5M Capital Raise to Advance Gold Exploration at Leinster South

Metal Hawk Limited (ASX: MHK, “Metal Hawk” or the “Company”) is pleased to announce that it has received firm commitments from sophisticated investors to raise A$2.5 million (before costs) by way of placement (the “Placement”). The majority of the placement was completed by the Company’s existing major shareholders.

Highlights:

• Firm commitments received to raise $2.5 million (before costs) at $0.20 per share via a placement to existing shareholders.
• This represents a 2.5% discount to the last closing price of $0.205.
• Metal Hawk is now well-funded to advance gold exploration at Leinster South as it heads towards an extensive maiden drilling program.

Directors have agreed to subscribe for $60,000 of Placement shares, subject to shareholder approval, which will be sought at a General Meeting (GM).

Proceeds from the Placement will be used to fund gold exploration activities including the maiden drilling program at the Leinster South Project in Western Australia.

Placement Details

The Placement will comprise a total of 12,500,000 new fully paid ordinary shares (“New Shares”) at an issue price of $0.20 per New Share. 12,200,000 New Shares are to be issued pursuant to the Company’s placement capacity under ASX Listing Rules 7.1. A further 300,000 New Shares will be subscribed for by Metal Hawk Directors, William Belbin, David Pennock and Michael Edwards (or with their related entities), subject to shareholder approval.

Completion of the Placement is expected to occur on or around 18 November 2024.

The Placement issue price of A$0.20 per New Share represents; a 2.5% discount to the closing price of Metal Hawk shares of A$0.205 on 11 November 2024 (being the last trading day prior to the Placement); and a 6% premium to the 5-day VWAP prior to the Placement.

Metal Hawk Managing Director Will Belbin commented: “We are very pleased with the strong level of support from shareholders. This is a very exciting period for the Company as we work towards the maiden drilling program at Leinster South.”

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