By Laura Lutz
Des Moines, Feb. 14 - West Hawk Development Corp. settled a private placement of units for C$3.4 million.
The company issued 6.8 million units of one share and one non-transferable warrant at C$0.50 per unit. Each warrant is exercisable at C$0.75 for two years.
Of the proceeds, about C$2.4 million will be used to complete two wells at the company's Figure Four natural gas property. The remaining C$1 million will be used for working capital.
The deal priced on Jan. 16 as an offering of up to 3 million units for up to C$1.5 million total. It was upsized to C$2.5 million on Jan. 19 and to its final size on Feb. 8.
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 non-transferable warrant
|
| Amount: | C$3.4 million
|
| Units: | 6.8 million
|
| Price: | C$0.50
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Pricing date: | Jan. 16
|
| Amended: | Jan. 19; Feb. 8
|
| Settlement date: | Feb. 14
|
| Stock symbol: | TSX Venture: WHD
|
| Stock price: | C$0.59 at close Feb. 13
|
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