Hawthorne Gold Corp.
TSX VENTURE : HGC

Hawthorne Gold Corp.

November 20, 2009 18:28 ET

Hawthorne Gold Announces a Non-Brokered Flow Through Private Placement for Gross Proceeds of Up to $1 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 20, 2009) -

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Hawthorne Gold Corp. ("Hawthorne" or the "Company") (TSX VENTURE:HGC) announces it has arranged a non-brokered private placement of up to 2,439,024 flow-through shares (the "Flow Through Shares") at a price of $0.41 per Flow-Through Share for gross proceeds of up to $1,000,000 (the "Non-Brokered Offering"). Each Flow-Through Share will consist of one common share in the capital of the Company which will qualify as a "flow-through share" for tax purposes under the Income Tax Act (Canada).

The Flow-Through Shares will be made available to subscribers resident in Canada by way of private placement exemptions under National Instrument 45-106 Prospectus and Registration Exemptions. It is anticipated that the Non-Brokered Offering will close on or before November 30, 2009.

The Company may pay finder's fees to certain arm's length parties in connection with the Non-Brokered Private Placement in an amount permitted by TSX Venture Exchange ("TSX-V") policy. Closing of the Non-Brokered Offering is subject to a number of conditions, including the receipt of all necessary corporate and regulatory approval, including the approval of the TSX-V. All securities issued in connection with the Non-Brokered Offering will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.

Proceeds from the Non-Brokered Offering will be used to fund resource development and commencement of pre-production expenses at the Company's Table Mountain Mine and Taurus deposit.

About Hawthorne Gold Corp.

Hawthorne Gold Corp. is a Canadian-based gold exploration and development company with key properties located in British Columbia, Canada. Hawthorne is led by well-respected mining leaders Richard Barclay and Michael Beley. Hawthorne's goal is to become a junior gold producer by working towards production at Table Mountain and the continued resource development at the nearby Taurus deposit, as well as the Frasergold deposit in the Cariboo region of south central British Columbia.

ON BEHALF OF HAWTHORNE GOLD CORP.
Richard J. Barclay
President & CEO

Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.

Contact Information

  • Hawthorne Gold Corp.
    Todd Hanas
    Toll Free: 1-866-869-8072
    or
    Hawthorne Gold Corp.
    (604) 629-1505 or Toll Free: 1-888-629-1505
    www.hawthornegold.com