Blackhawk Resource Corp closed its nonbrokered financing with gross proceeds of C$998,250, paying out C$30,800 in commissions.
The company issued 19,965,000 common shares at 5 Canadian cents per share. All securities issued are subject to a statutory hold period of four months and one day.
Blackhawk intends to use the proceeds for strategic growth initiatives, working capital and for general corporate purposes.
Transcend Capital Inc. took part in the financing, acquiring 3 million common shares or approximately 3.7% of the company's outstanding shares.
Transcend Capital currently holds 14,261,000 common shares or approximately 17.6% of Blackhawk's outstanding common shares.