By Devika Patel
Knoxville, Tenn., Jan. 18 - West Hawk Development Corp. announced it raised C$369,170 in the second tranche of a C$2.5 million non-brokered private placement of units.
The deal priced Nov. 9 for C$1 million and was increased on Nov. 22, when the company announced it had raised C$1.25 million in the first tranche.
The company sold 1,845,850 units in this tranche. It sold 6.25 million units in the first tranche.
A total of 6,658,350 units have been sold thus far, for total proceeds of about C$1.33 million.
West Hawk plans to 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 purposes.
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
|
| Settlement date: | Nov. 22 (for C$1.25 million), Jan. 18 (for C$369,170)
|
| Stock symbol: | TSX Venture: WHD
|
| Stock price: | C$0.225 at close Nov. 8
|
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