Homestake Resource Corporation. (TSXV:HSR,FWB:B6IH) announced financing for its 2012 Kinskuch exploration program.
As quoted in the press release:
Flow through Common Shares: Issuance of a maximum of 2,000,000 Flow-through shares to Canadian resident investors, each flow-through share priced at $0.30 to raise gross proceeds of a maximum of $600,000 with the gross proceeds utilized for Canadian exploration expenses…
Units: Issuance of a maximum of 4,000,000 Units priced at $0.30 per Unit to raise gross proceeds of a maximum of $1.200,000. Each Unit is comprised of one common share and one half share purchase warrant, each whole warrant entitling the purchase of one common share at a price of $0.35 per share for 24 months.
Initial work will follow-up encouraging 2011 results along a 2.5km strike of the Illiance trend and will continue the systematic surface evaluation of the numerous epithermal vein and massive sulphide showings on the trend both to the north and south, a cumulative 14 kilometres of strike length. Other historical showings and numerous geophysical anomalies identified by the 2011 airborne geophysical survey over the property will be examined with the goal of developing new targets for drill testing in 2013.