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Arranges Private Placement
May 08, 2009 01:54AM
May 7, 2009
Redhawk Arranges Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2009) - Redhawk Resources, Inc. ("Redhawk" or the "Company") (TSX VENTURE:RDK)(FRANKFURT:QF7) is pleased to announce that it has arranged a non-brokered private placement (the "Private Placement") of up to 5,000,000 units at a price of $0.10 per unit to raise gross proceeds of up to $500,000. Each unit will consist 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. In connection with the Private Placement, Redhawk may pay to certain eligible finders a cash finders fee of up to 10% of the gross proceeds of the Private Placement or a portion thereof.
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 Private Placement is subject to TSX Venture Exchange approval.
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.