Halo Resources Ltd.
OTC Bulletin Board : HLOSF

Halo Resources Ltd.

September 22, 2005 09:00 ET

Halo Resources Ltd. Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 22, 2005) - Mr. Marc Cernovitch, President and CEO of Halo Resources Ltd. (TSX VENTURE:HLO)(OTCBB:HLOSF)(FWB:HRL) is pleased to announce that the Company has issued 1,675,500 units, at $0.60 per unit, and 2,319,642 flow-through common shares, at $0.70 per share, on the initial closing of the private placement announced on August 22, 2005, for gross proceeds of $2,629,049. The units consist of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder thereof to acquire one common share of the Company, at a price of $0.70 per share, until September 14, 2007. The Company also issued 395,515 warrants, having the same terms as the warrants noted above, and paid $195,078.75 to various finders. All of the securities issued have a hold period expiring on January 15, 2006.

A final tranche of the private placement is expected to close on or about September 23, 2005, subject to certain customary conditions, including, but not limited to, the execution of definitive subscription agreements with subscribers as well as the receipt of applicable regulatory approvals, including the approval of the TSX Venture Exchange.

The proceeds of the financing will be used for the exploration of the Company's mineral properties in Canada, for potential acquisitions and for general corporate purposes. The Company is actively conducting due diligence on other precious and base metal properties that are being presented to the Company.

Halo Resources Ltd. 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; Bachelor Lake, which is a gold exploration project with, and a letter of intent regarding Quarter Moon, which is a grass roots gold project. 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.


Marc Cernovitch, President and CEO

Except for the historical statements contained herein, this news release presents forward-looking statements that involve inherent risks and uncertainties. Although the management and officers of Halo Resources Ltd. believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, they give no assurance that their expectations will be achieved. Certain risks and uncertainties inherent in the Company's operations include political, economic, environmental and geological issues, including but not limited to, the continued need for additional capital, the competition within the mining industry, and other risks detailed from time to time in the Company's periodic reports filed with the British Columbia Securities Commission.

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

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