Redhawk Resources, Inc. (TSX:RDK)(OTCQX:RHWKF)(FRANKFURT:QF7) is pleased to announce that it has completed its previously announced private placement by issuing 10,420,000 common shares of the Company at a price of $0.25 per Share for gross proceeds of $2,605,000.
In connection with the Private Placement, the Company has issued 420,000 finder’s warrants and has paid a cash finder’s fee to Origin Merchant Securities Inc. Each Finder’s Warrant entitles the holder to acquire one common share of the Company at an exercise price of $0.35 until October 16, 2015.
Net proceeds of the Private Placement will be used for a new district drilling program at the Company’s Copper Creek project, and for working capital. All securities issued pursuant to the Private Placement are subject to a statutory hold period expiring February 17, 2014.
Stephen Barley, Executive Chairman commented: “We are pleased by our institutional support and the loyalty of our long term shareholders. We will move ahead with our Copper Creek project and add additional value for our stakeholders while minimizing dilution. Our efforts with CIBC concerning strategic alternatives will continue concurrently with our drilling program on the Prospect and Dark Canyon expansion targets.”
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.