West Hawk Development Corp. (TSX VENTURE:WHD)(FRANKFURT:H5N) ("West Hawk" or the
"Company") is pleased to announce that it has entered into an agreement with
Union Securities Ltd. (the "Agent") to act as the Company's exclusive agent in
connection with a private placement (the "Offering") of up to 15,000,000
flow-through common shares (the "Flow-Through Shares") and up to 18,000,000 non
flow-through units (the "Units") for aggregate gross proceeds of up to
$10,650,000.


The Flow-Through Shares will be issued at $0.35 per share. Each Unit will be
issued at $0.30 per Unit, and consist of one non flow-through common share of
the Company (a "Unit Share") and one-half of one common share purchase warrant
(each whole warrant, a "Warrant"). Each Warrant is exercisable into one non
flow-through common share (a "Warrant Share") of the Company at an exercise
price of $0.50 per Warrant Share for a period of 24 months from the date of
closing of the Offering.


The Agent will receive a cash commission equal to 7% of the aggregate gross
proceeds of the Offering. The Agent will also receive compensation options equal
to 7% of the aggregate number of Flow-Through Shares and Units sold under the
Offering. Each compensation option will entitle the holder to acquire one Unit
at a price of $0.30 for a period of 24 months from the date of closing of the
Offering.


The Company will grant to the Agent an over-allotment option (the
"Over-Allotment Option") to purchase up to 15% of the Flow-Through Shares issued
and up to 15% of the Units issued pursuant to the Offering at a price equal to
the respective issue price per Flow-Through Share or Unit, as applicable. If
exercised, the Over-Allotment Option must be executed within 15 business days of
the final closing date and completed within 30 business days of the final
closing date of the Offering.


The Offering is scheduled to close within approximately 30 days and is subject
to the Company receiving all TSX Venture Exchange approvals. Proceeds from the
Offering will be used to fund exploration programs in Canada, development
expenditures for the Company's coal gasification and coal-to-liquids (CTL)
plans, its Natural Gas project in the Piceance Basin, Colorado, and for general
working capital purposes. The Company has filed NI 43-101 reports on its
Canadian coal properties located in British Columbia, Northwest Territories, and
Nunavut Territory.


On behalf of the Board of Directors,

Dr. Wm. Mark Hart, President and Chief Executive Officer

About the Company: West Hawk Development Corp. is focused on providing valuable,
high-demand energy products from a variety of sources. Assets include the Figure
Four natural gas property located in the Piceance Basin, Colorado, being
developed under a drilling and development agreement; the Groundhog coal
property located in northwest British Columbia; the Tulita coal property located
in the Northwest Territories; and the Ellesmere Island, Nunavut Territory coal
property.


Cautionary Note: This report contains forward looking statements, particularly
those regarding cash flow, capital expenditures and investment plans. By their
nature, forward looking statements involve risk and uncertainties because they
relate to events and depend on factors that will or may occur in the future.
Actual results may vary depending upon exploration and development activities,
industry production, commodity demand and pricing, currency exchange rates, and,
but not limited to, general economic factors.


West Hawk Development Corp. (TSXV:WHD)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more West Hawk Development Corp. Charts.
West Hawk Development Corp. (TSXV:WHD)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more West Hawk Development Corp. Charts.