VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 21, 2017) - Redhawk Resources, Inc. ("Redhawk" or the "Company") (TSX:RDK)(FRANKFURT:QF7) announces a non-brokered private placement (the "Private Placement") for up to 2,300,000 units of the Company ("Units") at a price of $0.055 per Unit to raise total proceeds of $126,500. Each Unit consists of one common share of the Company (each, a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant is exercisable into one additional Share for a period of two years at a price of $0.075 per Share. Closing of the Private Placement is conditional upon, among other things, approval of the Toronto Stock Exchange.
The proceeds of the Private Placement will be used for general working capital. Finder's fees of up to 5% of the Units sold or gross proceeds received by the Company pursuant to the Private Placement may be payable on the Private Placement, in cash or securities of the Company, as permitted. All securities issued pursuant to the Private Placement will be subject to a hold period expiring four months and a day following the date of issue.
Redhawk is a Canadian-based resource exploration and development company with a focus on the continued advancement of the Copper Creek copper-molybdenum project in San Manuel, Arizona. The advanced Copper Creek Arizona property consists of approximately 75 km² of contiguous patented and unpatented mining claims and state prospecting permits, located about 112 km northeast of Tucson, Arizona.
ON BEHALF OF THE BOARD
J. Stephen Barley, Executive Chairman
Forward Looking Statements
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, including without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things: the completion of the Private Placement and use of the proceeds of the Private Placement. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by management of the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and management of the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to find suitable investors, receive regulatory approval for and complete the Private Placement; and management's discretion to re-allocate the proceeds of the Private Placement.
Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters. Except as required by law, Redhawk does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.