HAWK ANNOUNCES COMPLETION OF BOUGHT DEAL FINANCING
18 May 2011 - 10:45PM
PR Newswire (Canada)
CALGARY, May 18 /CNW/ -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO
COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S.
SECURITIES LAWS CALGARY, May 18 /CNW/ - Hawk Exploration Ltd.
("Hawk" or the "Corporation") is pleased to announce that it has
completed its previously announced bought deal private placement of
12,500,000 subscription receipts ("Subscription Receipts") at an
issue price of $0.80 per Subscription Receipt for aggregate gross
proceeds of approximately $10.0 million (the "Offering"). The
Offering was conducted by a syndicate of underwriters led by
National Bank Financial Inc. ("NBF") and including Fraser Mackenzie
Limited and Haywood Securities Inc. Upon the occurrence of
the Escrow Release Conditions (as defined below), the net proceeds
of the Offering will be used to fund further development at Seagram
Lake, to fund other exploration and development prospects, and for
general corporate purposes. Annapolis Investment Partnership V and
Annapolis Investment (US) Limited Partnership V subscribed for
10,000,000 Subscription Receipts pursuant to the Offering. Each
Subscription Receipt entitles the holder to receive, for no
additional consideration or further action on the part of the
holder thereof, one Class A share ("Class A Share") of the
Corporation, upon the receipt by the Corporation of all necessary
approvals in respect of the Offering and the issuance of the Class
A Shares underlying the Subscription Receipts, including, but not
limited to, approvals required by the TSX Venture Exchange (the
"TSXV") with respect to the Offering and all other necessary
shareholder, corporate and regulatory approvals (the "Escrow
Release Conditions"). The gross proceeds of the Offering (the
"Escrowed Funds") will be held in escrow and will be released to
the Corporation upon the satisfaction of the Escrow Release
Conditions. In the event that the Escrow Release Conditions
are not satisfied at or before 5:00 pm (Calgary time) on July 15,
2011, the Escrowed Funds, together with any accrued interest
thereon, shall be returned to the holders of the Subscription
Receipts. The Corporation intends to obtain the necessary approvals
required by the TSXV from the shareholders of the Corporation at
its upcoming Annual General & Special Meeting of
securityholders to be held on June 21, 2011. The Subscription
Receipts as well as the Class A Shares issuable upon exercise
thereof will be subject to a four month hold period under
applicable Canadian securities laws. Hawk is an emerging
corporation engaged in the exploration, development and production
of conventional crude oil and natural gas in western Canada and is
based in Calgary, Alberta. The Class A Shares and Class B Shares of
Hawk trade on the TSXV under the trading symbols of HWK.A and
HWK.B, respectively. Cautionary Statements: This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy the securities in any jurisdiction. The Class A Shares
offered have not 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 many not be offered or sold in the
United States except in certain transactions exempt from the
registration requirements of the U.S. Securities Act and applicable
states securities laws. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as the term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. This press release
contains forward-looking statements. More particularly, this press
release contains forward-looking statements related to: the use of
proceeds from the Offering; release of the Escrowed Funds and
issuance of Class A Shares pursuant to the Subscription
Receipts. Readers are cautioned that the foregoing list of factors
should not be construed as exhaustive. Although Hawk believes
that the expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because Hawk can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, the failure to obtain necessary shareholder and
regulatory approvals and risks associated with the oil and gas
industry in general (e.g., operational risks in development,
exploration and production; delays or changes in plans with respect
to exploration or development projects or capital expenditures; the
uncertainty of reserve estimates; the uncertainty of estimates and
projections relating to production, costs and expenses; health,
safety and environmental risks; commodity price and exchange rate
fluctuations; and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures). The forward-looking statements
contained in this document are made as of the date hereof and Hawk
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/May2011/18/c5563.html p
/p table valign="top" border="0" tr td bSteve
Fitzmaurice/b /td td bDennis
Jamieson /b /td /tr tr td President, CEO and Chairman
/td td Chief Financial Officer /td /tr tr
td Tel: (403) 264-0191 Ext 225 /td td Tel:
(403) 264-0191 Ext 234 /td /tr tr td Email: a
href="mailto:steve@hawkexploration.ca"steve@hawkexploration.ca/a
/td td Email: a
href="mailto:dennis@hawkexploration.ca"dennis@hawkexploration.ca/a
/td /tr /table p /p
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