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Share Name | Share Symbol | Market | Type |
---|---|---|---|
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 | - |
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES West Hawk Development Corp. (TSX VENTURE:WHD)(FRANKFURT:H5N) ("West Hawk" or the "Company") is pleased to announce that it has closed the previously announced brokered private placement (the "Private Placement") of 17,015,714 flow through common shares at a price of $0.35 per flow through common share and 18,904,516 units at $0.30 per unit, for aggregate gross proceeds to the Company of $11,626,854.70. Each unit (a "Unit") consists of one non-flow through 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 non flow through common share of the Company for a period of 24 months following the closing at an exercise price of $0.50 per share. Union Securities Ltd. (the "Agent") acted as agent in connection with the Private Placement. In consideration for providing its services in the Private Placement, the Agent received: (i) a cash commission in the amount of $813,879.83, representing 7% of gross proceeds of the Private Placement; (ii) a work fee of $25,000 plus GST; and (iii) 2,514,416 options to purchase that number of Units of the Company (representing 7% of the aggregate number of FT Shares and Units sold in the Private Placement) at a price of $0.30 per Unit until July 15, 2010. "We very much appreciate the efforts of Union Securities in helping to advance the British Columbia, Groundhog Project and the Colorado Gas Project," said Dr. Wm. Mark Hart, President and CEO of West Hawk. All the securities of the Company issued to the subscribers and to the Agent pursuant to the Private Placement are subject to a hold period which under the applicable securities laws and the Exchange policies will expire on November 16, 2008. The proceeds raised will be used for exploration expenditures at Groundhog, the Company's British Columbia Anthracite PCI Coal Project; the Figure Four Project in the Piceance Basin, Colorado, to fulfill the Company's 2008 drilling; and development obligations and for general working capital. 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. 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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