By Sheri Kasprzak
New York, Oct. 10 - West Hawk Development Corp. said it has priced a private placement for as much as C$3 million.
The company intends to sell up to 6,666,666 units at C$0.45 each through agent Max Capital Corp.
The units consist of one share and one warrant. The warrants are exercisable at C$0.75 each for two years.
Proceeds will be used for the advancement of the company's coal resource definitions on its British Columbia properties. The rest will be used for environmental studies and the facilitation of partnerships.
In other news, West Hawk said it has granted stock options to its directors and officers for up to 200,000 shares, exercisable for two years at C$0.50 apiece.
Based in Vancouver, B.C., West Hawk is a mineral exploration company.
| Issuer: | West Hawk Development Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$3 million (maximum)
|
| Units: | 6,666,666 (maximum)
|
| Price: | C$0.45
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Placement agent: | Max Capital Corp.
|
| Pricing date: | Oct. 7
|
| Stock price: | C$0.52 at close Oct. 7
|
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