Hathor Exploration Limited

Hathor Exploration Limited

April 20, 2007 18:59 ET

Hathor Exploration Limited: Brokered Private Placement Closes Raising Gross Proceeds of $22,079,700

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 20, 2007) -


Stephen G. Stanley, the President of Hathor Exploration Limited (TSX VENTURE:HAT) (the "Company"), announces the Company has closed a brokered private placement with Salman Partners Inc. and Desjardins Securities Inc. (the "Agents"), previously announced on March 19, 2007 for gross proceeds of $22,079,700. A total of 4,011,000 flow-through common shares (the "FT Shares") at a price of $1.90 per FT Share for gross proceeds of $7,620,900 and 9,036,750 non flow-through units (the "Units) at a price of $1.60 per Unit for gross proceeds of $14,458,800 were issued in connection with the Private Placement. Each Unit will comprise one non-flow through common share (a "Share") and one half of one share purchase warrant (a "Warrant"), and each Warrant will entitle the holder to purchase one additional Share at the price of $2.00 for a period of 24 months from Closing. The Company has the right to accelerate the expiry date of the Warrants if the volume weighted average closing price of the Company's common shares, as traded on the TSX Venture Exchange, exceeds $3.00 per share for more than 20 consecutive trading days. In that event, the Warrants will expire 30 days after the Company has given notice of the accelerated expiry to the Warrant holders.

The Private Placement has been oversubscribed increasing the gross proceeds raised from $20,080,000 to $22,079,000.

The Agents received a cash commission on the sale of the Units and FT Shares representing 6.5% of the gross proceeds raised totalling $1,435,180.50. The Company also issued share purchase warrants to the Agents on closing (the "Agents' Warrants") entitling the Agents to purchase additional 848,103 common shares equal in number to 6.5% of the aggregate number of Units and FT Shares sold, including the Over-Allotment Option. The Agents' Warrants will entitle the Agents to purchase common shares at the price of $2.00 per common share for a period of 24 months following the closing. The Agents' Warrants will have the same terms and conditions as the investor Warrants, including the accelerated expiry provision.

In accordance with securities legislation currently in effect, the Shares, Warrants and the FT Shares will be subject to "hold period" of four months plus one day from the date of closing.

The net proceeds will be used for exploration and development of Hathor's uranium and gold projects and for general working capital.

For more information on Hathor, its subsidiary Roughrider Uranium Corp. and their projects please visit our web site at http://www.hathor.ca or contact Stephen Stanley at 604-684-6707.

Hathor Exploration Limited

Stephen G. Stanley, President

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

Contact Information

  • Hathor Exploration Limited
    Stephen Stanley
    (604) 684-6707
    (604) 684-9277 (FAX)
    Website: www.hathor.ca