By Devika Patel
Knoxville, Tenn., May 28 - West Hawk Development Corp. said it completed a C$2 million non-brokered private placement of units.
The deal priced for C$1 million on Feb. 8 and was increased on March 28. West Hawk took in C$941,000 in the first tranche on April 16 and raised C$1.06 million in this final tranche.
In the first tranche, West Hawk sold 4,705,000 units at C$0.20 per unit; it sold 5,302,500 units in the latest tranche. The company sold 10,007,500 units total at that price, increased from 5 million units at pricing.
Each unit consists of one share and one warrant. Each warrant is 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 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$2,001,500
|
| Units: | 10,007,500
|
| 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
|
| Settlement date: | April 16 (for C$941,000), May 27 (for C$1,060,500)
|
| Stock symbol: | TSX Venture: WHD
|
| Stock price: | C$0.215 at close Feb. 8
|
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