By Devika Patel
Knoxville, Tenn., June 6 - West Hawk Development Corp. said it will conduct a private placement of stock and units for C$10.65 million.
The company plans to sell 15 million flow-through common shares at C$0.35 apiece for C$5.25 million.
West Hawk also will sell 18 million units of one common share and one half-share warrant at C$0.30 per unit. Each whole warrant will be exercisable at C$0.50 for two years.
Union Securities Ltd., the agent, has a greenshoe for 15% of both types of securities, or C$1,597,500.
Settlement is expected within 30 days.
Proceeds will be used to fund exploration programs in Canada, development expenditures for the company's coal gasification and coal-to-liquids plans, its natural gas project in the Piceance Basin, Colo., and 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: | Flow-through common shares, units of one common share and one half-share warrant
|
| Amount: | C$10.65 million
|
| Greenshoe: | 15%, or C$1,597,500
|
| Agent: | Union Securities Ltd.
|
| Pricing date: | June 6
|
| Stock symbol: | TSX Venture: WHD
|
| Stock price: | C$0.32 at close June 5
|
|
|
| Shares
|
| Amount: | C$5.25 million
|
| Shares: | 15 million
|
| Price: | C$0.35
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$5.4 million
|
| Units: | 18 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
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