Hawk Uranium Inc.
TSX VENTURE : HUI

Hawk Uranium Inc.

November 06, 2007 09:20 ET

Hawk Uranium Inc. Closes Private Placement of Flow-Through Units

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2007) - Hawk Uranium Inc. (TSX VENTURE:HUI) ("Hawk") is pleased to report the closing of its previously announced private placement of flow-through units.

A total of 6,666,666 flow-through units were placed, resulting in gross proceeds of $1,999,999.80. Each unit separated at closing into one flow-through common share, and one half of one warrant, each whole warrant exercisable for one common share of Hawk at an exercise price of $0.50 per share for a period of two years from the date of issuance.

IBK Capital Inc., which acted as the placement agent for the financing, will receive a cash commission of $179,999.98 (equal to 9% of the gross proceeds raised) for its assistance, plus broker warrants exercisable for 666,667 common shares of Hawk (equal to 10% of the number of units sold) at an exercise price of $0.30 per share for a period of two years from the date of issuance.

The shares, warrants and broker warrants are subject to a hold period of four months plus one day from the date of closing.

This closing was conditionally approved by the TSX Venture Exchange, but is subject to final approval by the TSX Venture Exchange, as well as other applicable regulatory approval.

The proceeds from the private placement will be used by Hawk for exploration work on its properties in Northern Ontario and, to the extent permissible for funds raised from flow-through shares, for working capital and other general corporate purposes.

ABOUT HAWK URANIUM INC.

Hawk has both direct or option interests in a uranium project in Grand Calumet Township, Quebec, one VMS/nickel/copper exploration property in the McFaulds Lake "Ring of Fire" area of Northern Ontario in Joint Venture with MacDonald Mines, one gold exploration property in the Wawa area of Ontario, one uranium property in the Elliot Lake Camp of Ontario, one uranium property in the Charlebois Lake Area of the Northern Mining District of Saskatchewan, one uranium property in Gila County, Arizona, and a core holding of 3.5 million shares in Wits Basin Precious Minerals Inc. (OTCBB:WITM). Wits Basin is currently pursuing active projects in South Africa, Colorado, Mexico and the People's Republic of China. Hawk also has petroleum and natural gas properties in Ontario.

For all Hawk Uranium Inc. investor relations needs, investors are asked to visit the Hawk Uranium IR Hub at http://www.agoracom.com/ir/hawk where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to hui@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Hawk, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and results to differ materially from Hawk's plans and expectations as detailed herein and from time to time in the filings made by Hawk with the TSX Venture Exchange and securities regulators. Hawk does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Hawk Uranium Inc.
    H. Vance White
    President
    (416) 214-2250 or Toll Free: 1-866-214-9486
    (416) 367-1954 (FAX)
    or
    Hawk Uranium Inc.
    Walter Brooks
    Vice President
    (416) 214-2250 or Toll Free: 1-866-214-9486
    (416) 367-1954 (FAX)