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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)(FRANKFURT:H5N)("West Hawk" or the "Company") is pleased to announce that Fuselier Holdings, LLC ("Fuselier") has completed the previously announced acquisition of West Hawk's secured note ("Note") from Laurus Master Fund, Ltd. ("Laurus") for a purchase price equal to the outstanding principal balance of $1,299,705. In connection with the transaction, Laurus has assigned to Fuselier all of its right, title, and interest (including security interests) pertaining to or arising from the Note together with 50% of its 5% overriding royalty interest in West Hawk's Figure Four Property. Fuselier has agreed with West Hawk under the terms of a separate binding commitment letter that West Hawk will repay the principal amount of the Note plus an acceleration fee of approximately $385,000 to Fuselier by the issuance of a convertible promissory note (the "Replacement Note") payable in shares of West Hawk. Fuselier has also agreed to promptly discharge and release all security interests registered by Laurus against West Hawk's properties, including the Deed of Trust filed against the Company's Figure Four property, security interests filed against its Canadian coal properties, and the pledge of West Hawk's ownership interest in West Hawk Energy (USA), LLC, which holds the Figure Four Project. Further, Fuselier has agreed to disclaim and return to West Hawk its right, title or interest in and to the 2.5% overriding royalty interest in the Figure Four Property acquired from Laurus. To complete the transaction, West Hawk has provided a bridge loan to Fuselier for $1.3 million dollars, which was used by Fuselier to pay the purchase price for the Note. The bridge loan was provided to meet the completion date required by Laurus. Fuselier has agreed to repay West Hawk the $1.3 million not later than June 30, 2008, subject to a right of set-off against the Replacement Note. The terms of the Replacement Note are subject to the approval of the TSX Venture Exchange. On behalf of the Board of Directors, Dr. Wm. Mark Hart, 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; the Groundhog coal property located in northwest British Columbia; the Tulita coal property located in the Northwest Territories; and the Ellesmere Island, Nunavut Territory coal property. 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.
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