Hawk Uranium Inc.
TSX VENTURE : HUI

Hawk Uranium Inc.

October 15, 2007 09:25 ET

Hawk Uranium Inc. Engages IBK Capital for the Private Placement of Flow-Through Units

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2007) - Hawk Uranium Inc. (TSX VENTURE:HUI) ("Hawk") has engaged IBK Capital Corp. to arrange a private placement of 6,666,667 Flow Through Units of consisting of Flow Through Shares and Warrants priced at $0.30 per unit to raise a minimum of $2,000,000. Each Flow Through Unit consists of one common share of Hawk to be issued as a "flow through share" and one half non-flow through common share purchase warrant. Each full common share purchase warrant will entitle the holder thereof to purchase one common share of the capital stock of Hawk that is not a "flow through share" at an exercise price of $0.50 per common share at any time for two years from the date of issue.

All securities issued in connection with this financing will be subject to a four-month hold period from the closing date. This financing is subject to approval by the TSX Venture Exchange, as well as other applicable regulatory approval.

Under the terms of the compensation arrangement with IBK Capital Corp., Hawk will pay a 9 % commission on the amount raised, plus 10% of the amount raised in the form of brokers' warrants to acquire shares of Hawk at $0.30 per share for a period of two years from the date of issue.

The closing date is scheduled on or about November 1, 2007.

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 gold exploration property in 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, one VMS exploration property in Ontario, 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)