VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2009)
- 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.