Redhawk Resources, Inc. (TSX:RDK)(OTCQX:RHWKF)(FRANKFURT:QF7) is pleased to announce that it is proceeding with a non-brokered private placement of 10,400,000 common shares of the Company at a price of $0.25 per Share for gross proceeds of $2,600,000. The Company may consider raising the Offering up to a maximum of $3,000,000.
Net proceeds of the Private Placement will be used for a new district drilling program and for working capital. Finder’s fees in accordance with industry rates may be payable in connection with the Private Placement. It is anticipated that closing of the Private Placement will occur on or about October 15th, 2013. Certain insiders of the Company will participate in the Private Placement.
Stephen Barley, Executive Chairman of the Company commented: “Redhawk’s Copper Creek project has a number of high potential drill targets which could add significant upside to the value of the property. We have chosen a priority target for exploration and will provide additional details in a follow up news release. The Company appreciates the support of our shareholders and investors in these difficult markets and will continue to carry out work programs that add value for our shareholders.”
Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months and one day from the closing date of the Private Placement. Completion of the Private Placement is subject to the approval of the Toronto Stock Exchange.
Redhawk is a Canadian-based resource exploration and development company with primary focus on the accelerated development of its advanced stage Copper Creek copper-molybdenum project in San Manuel, Arizona. The 100% owned Copper Creek property consists of approximately thirty-three square miles of contiguous patented and unpatented mining claims and state prospecting permits, located about 70 miles northeast of Tucson, Arizona and about 15 miles east of San Manuel. The property is in the prolific southwest US porphyry copper belt at the projected intersection of a major northwest belt of porphyry copper deposits or mines (Ray, Miami/Globe, Superior/Resolution, Johnson Camp) and a major east-northeast belt of porphyry deposits (San Manuel/Kalamazoo, Silver Bell, Lakeshore, Safford, Morenci). The property is within sight of the former BHP Kalamazoo/San Manuel copper smelter and mine and within 30 miles of an existing operating copper mill and smelter. The area is a mining friendly and politically secure location with excellent and readily accessible infrastructure including power, rail, water, roads and qualified consultants.
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We acknowledge the [financial] support of the Government of Canada.