Hathor Exploration Limited

Hathor Exploration Limited

December 04, 2009 17:00 ET

Hathor Announces a Success Fee Paid in Connection with the Closing of the Plan of Arrangement with NCR

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2009) - Hathor Exploration Limited (HAT – TSX.V) ("the "Company") announces that further to its news release dated November 23, 2009, the Company effected its Plan of Arrangement (the "Transaction") with Northern Continental Resources Inc. ("NCR"). The effective date of the Transaction was November 23, 2009 (the "Closing Date").

In connection with the Transaction, the Company entered into a Financial Advisory Agreement (the "Agreement"). As part of the Agreement, if the Transaction closed a "Success Fee" was to be paid to the Financial Advisor. The Financial Advisor is to receive a cash commission of $250,000 and the Company is also issuing share purchase warrants to the Financial Advisor (the "Financial Advisor Warrants") entitling the Financial Advisor to purchase an additional 250,000 common shares (the "Financial Advisor Warrant Shares") at a price of $1.74 per common share, the closing price of the Company's shares on the Closing Date of the Transaction. The Financial Advisor Warrants expire 24 months from the Closing Date. The Success Fee is subject to the acceptance of the TSX Venture Exchange.

In accordance with securities legislation currently in effect, the Financial Advisory Warrants and Financial Advisor Warrant Shares are subject to a "hold period" of four months plus one day from the date of closing, expiring March 24, 2010.

Hathor Exploration Limited

Stephen G. Stanley, Director

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

Contact Information

  • Hathor Exploration Limited
    JJ Jennex