2009-11-11 02:35:04 -
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/10/09 -- Redhawk Resources, Inc. ("Redhawk" or the "Company") (TSX VENTURE: RDK)(FRANKFURT: QF7) is pleased to announce a non-brokered private placement (the "Private Placement") of 3,125,000 units at a price of $0.16 per unit to raise gross proceeds of $500,000. Each unit consists of one common share and one transferable common share purchase warrant. Each share purchase warrant will be exercisable into one additional common share for a period of two years at a price of $0.20 per share. A finder's fee of 7% of the total proceeds raised under the offering will be payable in cash on closing. The private placement is subject to the acceptance of the TSX Venture Exchange.
The proceeds of the private placement will be used for the continuing development of Redhawk's Copper Creek project in Arizona and for general working capital.
About Redhawk
Redhawk is a Canadian-based resource exploration and development company with primary focus on the accelerated development of its advanced stage Copper Creek copper-molybdenum project in San Manuel, Arizona. The Company also has a gold/silver property in Nevada.
The 100% owned Copper Creek property consists of approximately seven square miles of almost totally contiguous patented and unpatented mining claims and state prospecting permits, located about 70 miles northeast of Tucson, Arizona and about 15 miles east of San Manuel. The property is in the prolific southwest US porphyry copper belt at the projected intersection of a major northwest belt of porphyry copper deposits or mines (Ray, Miami/Globe, Superior/Resolution, Johnson Camp) and a major east-northeast belt of porphyry deposits (San Manuel/Kalamazoo, Silver Bell, Lakeshore, Safford, Morenci). The property is within sight of the former BHP Kalamazoo/San Manuel copper smelter and mine and within 30 miles of an existing operating copper smelter. The area is a mining friendly and politically secure location with excellent and readily accessible infrastructure.
ON BEHALF OF THE BOARD
J. Stephen Barley, Managing Director
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Redhawk does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires Redhawk to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Redhawk Resources, Inc.
J. Stephen Barley
Managing Director
604.633.5088
Redhawk Resources, Inc.
Tasso Baras
Investor Relations
604-738-3882 or Toll Free: 778-738-3882
inquiries@redhawkresources.com :
www.redhawkresources.com :
