Hawthorne Gold Corp.

Hawthorne Gold Corp.

December 01, 2008 18:53 ET

Hawthorne Gold Closes $633,500 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2008) - Hawthorne Gold Corp. ("Hawthorne" or the "Company") (TSX VENTURE:HGC) announces it has closed a $633,500 non-brokered private placement (the "Offering"). The Offering consisted of 3,016,667 flow through common shares (the "FT Shares") priced at $0.21 per FT Share. The FT Shares were made available by way of private placement exemptions in the province of British Columbia.

Hawthorne paid a cash commission equal to 7% of the gross proceeds of the FT Shares sold or $44,345, and issued 211,167 broker warrants (the "Broker Warrants") to acquire that number of common shares of the Company (the "Shares") which is equal to 7% of the number of FT Shares sold under the Offering. Each Broker Warrant is exercisable at $0.30 per Share for a period of 12 months after closing.

Proceeds from the Offering will be used to fund the Company's 2009 field work on its projects in British Columbia. All securities issued in connection with the Offering are subject to a statutory hold period of four months plus one day from the date of completion of the Offering in accordance with applicable securities legislation.

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 in 2009 and continued resource development at the nearby Taurus deposit, as well as the Frasergold deposit in the Cariboo region of south central British Columbia.


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.

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

Contact Information

  • Hawthorne Gold Corp.
    Todd Hanas
    Toll Free: 1-866-869-8072
    Hawthorne Gold Corp.
    (604) 629-1505 or Toll Free: 1-888-629-1505
    (604) 629-0923 (FAX)
    Website: www.hawthornegold.com