Hawkstone Mining Limited (ASX:HWK) entered into binding agreement to acquire Lone Pine Gold project located in Trans-Challis Fault System in Idaho, USA from Inception Mining, Inc. (OTCPK:IMII) for $0.64 million on February 3, 2020. Hawkstone Mining agreed to pay $0.035 million non-refundable deposit on execution of the acquisition agreement, $0.25 million cash by February 25, 2020 and issue approximately 67.2 million fully paid ordinary shares. Hawkstone Mining has received firm commitments for a share placement of 166,666,667 Shares. The Company also intends to issue 15,114,428 Shares to Harrison Land Services, LLC and Abbyrok Pty Ltd at a deemed issue price of $0.006 as consideration for due diligence services provided. Funds raised under the placement will be used to fund all cash payments required to be paid to Inception pursuant to the acquisition.

In conjunction with the acquisition, the Hawkstone Mining intends to appoint its Greg Smith as Chief Technical Officer as a Director. The transaction is subjected to Shareholder approval and completion of satisfactory due diligence. On 17 February 2020, the Company announced the extension of the due diligence period to 22 February 2020.

Hawkstone Mining Limited (ASX:HWK) completed the acquisition of Lone Pine Gold project located in Trans-Challis Fault System in Idaho, USA from Inception Mining, Inc. (OTCPK:IMII) on February 24, 2020.