Halo Resources Ltd.
FRANKFURT : HRL
TSX VENTURE : HLO

Halo Resources Ltd.

April 28, 2008 09:59 ET

Halo Resources Ltd. Announces Size and Re-Pricing of Offering of Units and Flow-Through Common Shares

TORONTO, ONTARIO--(Marketwire - April 28, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES.

Halo Resources Ltd. ("Halo") (TSX VENTURE:HLO)(FRANKFURT:HRL) today announced that, further to its press release of April 18, 2008 announcing the pricing of units (the "Units") and flow-through common shares (the "Flow-Through Shares") in connection with a best efforts equity financing (the "Offering") of Units and Flow-Through Shares, it has re-priced the Units from $0.25 to $0.235 per Unit. Each Unit is comprised of one common share and one-half of one common share purchase warrant, with each whole warrant being exercisable to acquire one common share of Halo for a period of 18 months after the date of issuance at a price of $0.30 per share. Halo intends to issue and sell up to 4,255,320 Units and up to 16,000,000 Flow-Through Shares, for gross proceeds of up to $5,000,000. The Offering is being conducted by Versant Partners Inc. and Canaccord Capital Corporation.

Halo will use the net proceeds of the Offering for exploration of its Sherridon VMS Mineral property in Manitoba, its West Red Lake property in Ontario, for holding costs at its Duport Property in Ontario and for general corporate purposes.

Closing of the Offering is expected to occur on or about May 6, 2008 and is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals, including the approval of the TSX Venture Exchange.

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: the Sherridon project, which is a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities; West Red Lake, which is a gold exploration project; and Duport, which is an advanced stage 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.

This news release presents "forward-looking information" within the meaning of the applicable Canadian securities laws that involved inherent risks and uncertainties. Forward-looking information includes, but is not limited to, information with respect to the proposed public offering. 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", "schedules", "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 no limited to: risks related to financings; risks related to joint venture operations; actual results of current exploration 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 proved 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 securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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) 368-7047 or Toll Free: 1-866-841-0068
    Email: lbloom@halores.com
    or
    Halo Resources Ltd.
    Marc Cernovitch
    Chairman
    (416) 368-7047 or Toll Free: 1-866-841-0068
    (416) 368-9805 (FAX)
    Website: www.halores.com