Mining News: Northern Neighbors: Kinross to nab stake in NWT gold explorer

Nighthawk Gold Corp. Oct. 13 announced plans to complete a C$10.1 million private placement that includes a strategic investment by Kinross Gold Corp. Following the completion of the financing, Kinross will hold roughly 9.5 percent of Nighthawk's issued and outstanding common shares on an undiluted basis. The offering will consist of up to 6.17 million common shares at C50 cents each and up to 10.77 million flow-through shares at C65 cents each. The gross proceeds from the sale of the flow through shares will be used for exploration of Nighthawk’s properties, including the company’s flagship Indin Lake gold project in Northwest Territories, and the net proceeds from the common shares will be used for general working capital purposes. "A strategic investment by Kinross positions Nighthawk well to continue to advance our Indin Lake project. We look forward to building upon this relationship while aggressively pursuing the untapped potential we both believe exists in this gold camp" said Nighthawk President and CEO Michael Byron. The offering is expected to close on Nov. 3.

-Shane Lasley