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Share Name | Share Symbol | Market | Type |
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West Hawk Development Corp. | TSXV:WHD | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
West Hawk Development Corp. (TSX VENTURE:WHD) ("West Hawk" or the "Company") announces that it has closed its previously announced private placement (the "Private Placement") of units on a non-brokered basis. On closing, an aggregate of 3,999,999 units were issued at $0.015 per unit, for aggregate gross proceeds to the Company of $60,000. Each unit (a "Unit") consists of one common share of the Company (a "Share") and one half of one non-transferable common share purchase warrant (a "Warrant"). Each whole Warrant is exercisable into one additional common share of the Company for a period of 24 months following the closing at an exercise price of $0.07 per share during the first 12 months following closing and $0.10 per share thereafter. The Company originally announced on August 25, 2009 that it proposed to issue up to 166,666,667 units on a brokered basis for gross proceeds of up to $2,500,000. However, the Company and its agent were not able to complete the financing on this basis. As a result of the significant reduction in the size of the financing and the Company's urgent need for capital, the Company is immediately seeking new sources of funding. The Company expects to issue a further press release updating its shareholders in the near future. All the securities of the Company issued to the subscribers pursuant to the Private Placement are subject to a hold period which under the applicable securities laws and the Exchange policies will expire on March 21, 2010. The proceeds raised will be used for general working capital purposes. On behalf of the Board of Directors, Gonzalo Torres-Macchiavello, President and Chief Executive Officer About the Company: West Hawk Development Corp. is focused on providing valuable, high-demand energy products from a variety of sources. Assets include the Figure Four natural gas property located in the Piceance Basin, Colorado, being developed under a drilling and development agreement and the Groundhog coal property located in northwest British Columbia. Cautionary Note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration and development activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.
1 Year West Hawk Development Corp. Chart |
1 Month West Hawk Development Corp. Chart |
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