By Devika Patel
Knoxville, Tenn., March 31 - West Hawk Development Corp. said it is increasing a non-brokered private placement of units to C$2 million. The deal priced for C$1 million on Feb. 8.
The company now plans to sell 10 million units, increased from 5 million units, at C$0.20 each. Each unit consists of one share and one warrant. Each warrant will be exercisable at C$0.40 for two years.
The warrants may expire sooner if the daily volume-weighted average trading price of the company's common shares on the TSX Venture Exchange is C$0.60 or higher for 10 consecutive trading days.
Proceeds will be used to complete Well 4 at the company's Figure Four property in the Piceance Basin, for business development expenditures related to its Groundhog Coal property in British Columbia and for a planned coal gasification project in the United States.
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 million
|
| Units: | 10 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: | Feb. 8
|
| Upsized: | March 28
|
| Stock symbol: | TSX Venture: WHD
|
| Stock price: | C$0.215 at close Feb. 8
|
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