By Devika Patel
Knoxville, Tenn., Nov. 26 - West Hawk Development Corp. announced it is increasing a non-brokered private placement of units to C$2.5 million. The deal priced on Nov. 8 for C$1 million.
The company also said it raised C$1.25 million from the first tranche, which settled on Nov. 22. The balance of the deal is expected to close the first week of December.
The company now will sell a total of 12.5 million units at C$0.20 per unit. It originally intended to sell 5 million units at that price. Each unit consists of one share and one warrant. Each warrant will be exercisable at C$0.40 for two years.
Proceeds will be used for general working capital.
Based in Vancouver, B.C., West Hawk is a coal, oil and natural gas exploration company.
| Issuer: | West Hawk Development Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2.5 million
|
| Units: | 12.5 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 8
|
| Upsized: | Nov. 22
|
| Stock symbol: | TSX Venture: WHD
|
| Stock price: | C$0.225 at close Nov. 8
|
|
|
| First tranche
|
| Amount: | C$1.25 million
|
| Settlement date: | Nov. 22
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
