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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. ("West Hawk") (TSX VENTURE:WHD)(FRANKFURT:H5N) (the "Company") is pleased to announce that Fuselier Holdings, LLC ("Fuselier") has reached an agreement with an affiliate of Laurus Capital ("Laurus") to buy West Hawk's remaining balance on its secured note in the original face amount of US$1,875,000 payable to an affiliate of Laurus Master Fund, Ltd. Under the terms of the agreement, Fuselier will obtain releases of all security interests that have been filed, and free up all assets that had been pledged by West Hawk to secure the original financing with Laurus. Dr. Jean R. Fuselier, Sr, President & CEO of Fuselier Holdings LLC, stated: "We are highly pleased to help West Hawk Development continue moving toward its positive financial objectives and improving their company position within the industry. This assignment enables West Hawk to realign themselves with the terms of their current lease agreement, resulting in an improved confidence level with the lessors and investors alike." Under the terms of the agreement, the note will be transferred from Laurus to Fuselier, and Laurus will no longer be a secured lender to the Company. In consideration for future terms to be finalized between Fuselier and West Hawk, Fuselier will release the Deed of Trust on the Company's Figure Four property, release all security interests filed on the Canadian coal properties, and will obtain a release on the pledge of West Hawk's ownership interest in West Hawk Energy (USA), LLC, which holds the Figure Four Project. "We are extremely pleased that Fuselier has stepped in to help West Hawk obtain the release of the Deed of Trust on the Figure Four Project and free-up our coal properties. This provides the Company the ability to continue development of the Figure Four property, and the coal properties are now free and clear, which removes an obstacle to develop these assets" stated Roger A. Baer, West Hawk's CFO. "We also wish to thank Laurus for stepping in to finance the Company last year when we needed them." West Hawk's revenues from the Figure Four property will not be subject to future principal and interest payments through the 80% net monthly cash flow sweep from the Project that was imposed by the terms with Laurus. Fuselier has also bought half of the 5% overriding royalty interest in the Figure Four project, which is expected to be eliminated under new terms with West Hawk. The note with Laurus carried interest at the WSJ prime plus 4%, subject to a minimum rate of 10% and was to mature on August 22, 2008. The Company does not expect to proceed on any additional debt financing on the Project with Laurus, and they will no longer have a right of first refusal to participate in any future funding of the Project. Terms of a new agreement with Fuselier will be 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 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. Resource estimates, unless specially noted, are considered speculative. The Company has filed a National Instrument 51-101 Report on the Figure Four property. The Company has filed National Instrument 43-101 Reports for each of the Tulita coal property in the Northwest Territories, the Nunavut Coal property and the Groundhog Coal property. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. 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 activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary note to U.S. investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
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