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Message: Closes Private Placement
| February 25, 2009 |
| Redhawk Closes Private Placement |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2009) - Redhawk Resources, Inc. ("Redhawk" or the "Company") (TSX VENTURE:RDK)(FRANKFURT:QF7) is pleased to announce that it has closed a non-brokered private placement (the "Private Placement") of 4,000,000 units at a price of $0.10 per unit to raise gross proceeds of $400,000. 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 one year at a price of $0.15 per share. 314 Finance Corp. has received a cash finder's fee of $13,000 representing 3.25% of the gross proceeds from this financing; PI Financial Corp. has received a cash finder's fee of $15,000 representing 3.75% of the gross proceeds from this financing; Dundee Securities Corporation has received a cash finder's fee of $6,000 representing 1.5% of the gross proceeds from this financing and Bolder Investment Partners, Ltd. received a cash finder's fee of $6,000 representing 1.5% of the gross proceeds from this financing. All of the securities of Redhawk issued in this financing are subject to a hold period which under the applicable securities laws and the TSX Venture Exchange (the "Exchange") policies will expire on June 24, 2009. 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. The Exchange has conditionally approved the Private Placement. 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 two gold/silver properties 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 |
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