West Hawk Development Corp.
TSX VENTURE : WHD
FRANKFURT : H5N

West Hawk Development Corp.

November 08, 2007 19:41 ET

West Hawk Announces Private Placement

DENVER, COLORADO--(Marketwire - Nov. 8, 2007) - West Hawk Development Corp. (TSX VENTURE:WHD)(FRANKFURT:H5N) (the "Company") announces a non-brokered private placement of up to 5,000,000 units of the Company at a price of $0.20 per unit, for aggregate gross proceeds to the Company of $1,000,000.

Each unit is comprised of one common share of the Company and one warrant to acquire an additional share at $0.40 for a period of two years. The warrants will be subject to early expiry if, following the date that is four months following the Closing, the daily volume-weighted average trading price of the Company's common shares on the TSX Venture Exchange over a period of 10 consecutive trading days is equal to or greater than $0.60.

The aggregate proceeds raised will be used by the Company for general working capital purposes. "West Hawk is in the process of implementing its plans to develop coal gasification projects," said Dr. Wm. Mark Hart. "The Company plans to use its coal properties as project sites, and provide the source of feedstock."

Certain directors and officers of the Company have subscribed for an aggregate of 2,400,000 units in the offering. Such directors and officers intend to fund a portion of their subscription through the sale, over the TSX Venture Exchange, of up to an aggregate of 1,900,000 shares prior to completion of the financing.

All securities sold in the offering will be subject to a hold period expiring four months and one day following the date of issue. Completion of the financing is subject to the approval of the TSX Venture Exchange.

About the Company: West Hawk Development Corp. is focused on providing valuable, high-demand energy products from a variety of sources. Assets include the Figure Four natural gas property located in the Piceance Basin, Colorado, being developed under a drilling and development agreement; the Tulita coal property in the Northwest Territories; the Groundhog coal property located in northwest British Columbia; and the Ellesmere Island, Nunavut Territory coal property.

On behalf of the Board of Directors,

Dr. Wm. Mark Hart, President and Chief Executive Officer

Cautionary Note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specially noted, are considered speculative. The Company has filed a National Instrument 51-101 Report on the Figure Four property. The Company has filed National Instrument 43-101 Reports for the Tulita coal property in the Northwest Territories, the Nunavut Coal property and the Groundhog Coal property. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary note to U.S. investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

The TSX Venture Exchange has not yet reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.

Contact Information