Halo Resources Ltd.

Halo Resources Ltd.

October 01, 2010 01:05 ET

Halo Announces Increased Financing

TORONTO, ONTARIO--(Marketwire - Oct. 1, 2010) - Halo Resources Ltd. (TSX VENTURE:HLO)(FRANKFURT:HRLN) (the "Company") announces that due to increased demand and the potential for an accelerated drill program at its West Red Lake Project Ontario, the Company has agreed to further increase the size of the non brokered private placement previously announced on September 29th, 2010. The private placement will now comprise of up to 1,800,000 units ("Units") for total gross proceeds of up to $450,000. The terms of the Units remain unchanged, at a price of $0.25 per Unit. Each Unit comprises one common share of the Company and one common share purchase warrant ("Warrant"). Each Warrant is exercisable to acquire one additional common share of the Company for two years at a price of $0.35 per share. Proceeds from the Private Placement will be used for exploration of the Company's properties. A finders fee is payable on a portion of this placement.

The completion of the financing is subject to receipt of all applicable regulatory approvals and consents, including the approval of the TSX Venture Exchange.


Marc Cernovitch, Chairman

About Halo Resources Ltd.

Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. The Company's focus is the 200 sq. km. Sherridon VMS Property, a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. A 2008 NI43-101 compliant copper-zinc resource, for four of the known deposits in the district, was completed in less than 18 months. The Company has a joint venture interest in the Duport Property, an advanced gold property near Kenora, Ontario and is the operator for several contiguous joint venture properties in West Red Lake covering 45 sq. km. The Company is operated by an experienced management team with a growth strategy to develop a diversified portfolio of advanced mining projects.

Forward Looking Statements

This Company Press Release may contain certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

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 or accuracy of this release.

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