Newhawk issue raises over $4m.

Newhawk Gold Mines reports it has completed a private placement of one million units, through Richardson Greenshields of Canada (U.K.) as exclusive agent.

Each unit consists of one Newhawk share and 1/2 warrant at a unit price of $4.25. One warrant entitles the holder to subscribe for one common share of the company at $4.75 on or before June 1, 1988.

Newhawk says the issue was oversubscribed and was placed with European institutions.

Proceeds from the placement will be added to working capital and used for the continuing development of Newhawk’s Sulphurets property, north of Stewart, B.C.

The first phase of the 1987 program on this property is well under way, Newhawk says. Drifting has been completed, diamond drill stations are in place and 8,400 ft of underground drilling is scheduled to begin shortly.