Halo Resources Ltd.
FRANKFURT : HRL
OTC Bulletin Board : HLOSF
TSX VENTURE : HLO

Halo Resources Ltd.

July 18, 2007 00:25 ET

Halo Resources Announces Closing of CDN $2,751,000 Financing

TORONTO, ONTARIO--(Marketwire - July 18, 2007) - Lynda Bloom, President and CEO of Halo Resources Ltd. (TSX:HLO)(OTCBB:HLOSF)(FRANKFURT:HRL) is pleased to announce that it has closed on its private placement announced June 22, 2007. The Company issued 3,612,632 flow-through units ("FT Unit"), at a price of $0.475 per unit, and 2,300,000 non-flow-through units ("NFT Unit"), at a price of $0.45 per unit, for total gross proceeds of $2,751,000.20.

Each FT Unit consists of one flow through common share and one-half share purchase warrant ("$0.65 Warrant"). Each full $0.65 Warrant entitles the holder to acquire one common share of the Company ("Common Share") until January 4, 2009 ("Expiry Time"), at a price of $0.65. Each Non FT Unit consists of one common share and one-half share purchase warrant ("$0.60 Warrant"). Each full $0.60 Warrant entitles the holder to acquire one common share prior to the Expiry Time at a price of $0.60 per share.

The net proceeds of the placement will be used for exploration and development and for general working capital purposes.

Corporate Update

Halo Resources Ltd. has entered into an investor relations agreement with Empire Communications Inc. "The Company" will provide advice and assist in structuring, coordinating and organizing general investor relations activities in Canada. The managing partner of Empire Communications Inc. is Jeff Tindale.

Empire Communications Inc. has been retained for an initial term of twelve months. Its remuneration will be a monthly fee of CDN $6,000 plus an incentive stock option to purchase 150,000 common shares at $0.50 per share for a period of three years subject to the vesting provisions of Policy 4.4 of the TSX Venture Exchange.

ON BEHALF OF THE BOARD

Lynda Bloom, President and CEO

About Halo Resources Ltd.

Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. Currently the Company owns or has an interest in 3 projects: Duport, which is an advanced stage gold project; Red Lake, which is a gold exploration project, and the Sherridon project that is a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. The Company is operated by an experienced management team and backed by a strong network of mining financiers. The Company's growth strategy is to develop a diversified portfolio of advanced mining projects.

This news release presents "forward looking information" within the meaning of the applicable Canadian securities laws that involve inherent risks and uncertainties. Forward-looking information includes, but is not limited to, information with respect to the proposed private placement. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halo to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to financings; risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Halo Resources Ltd. believe that the expectations reflected in such forward-looking information are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Halo does not undertake to update any forward-looking information referenced herein, except in accordance with applicable securities laws. Trading in the securities of Halo Resources Ltd. should be considered highly speculative.

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

Contact Information

  • Halo Resources Ltd.
    Lynda Bloom
    President & CEO
    (416) 368-7045 or Toll Free: 1-866-841-0068
    Email: lbloom@halores.com
    or
    Halo Resources Ltd.
    Marc Cernovitch
    Chairman
    (416) 368-7045 or Toll Free: 1-866-841-0068
    (416) 368-9805 (FAX)
    Website: www.halores.com