Halo Announces Completion of Financings to Raise $4.5 Million
23 Décembre 2010 - 11:40PM
Marketwired
Halo Resources Ltd. (TSX VENTURE: HLO)(FRANKFURT: HRLN) ("Halo" or
the "Company") is pleased to announce that Halo has completed the
financings originally announced in the Company's press release
dated December 8, 2010 to raise gross proceeds of CDN$4.5 million.
Private Placement with HudBay Minerals Inc.
The Company has issued 3,655,000 units (the "Units") to HudBay
Minerals Inc. (TSX, NYSE: HBM) ("HudBay") at a price of $0.50 per
Unit for gross proceeds of $1,827,500. Each Unit consists of one
common share (a "Share") in the capital of the Company and one-half
of one non-transferable common share purchase warrant (each whole
warrant a "Warrant"). Each whole Warrant is exercisable to acquire
one additional common share (a "Warrant Share") in the capital of
the Company at an exercise price of $0.60 per Warrant Share until
December 23, 2012.
Brokered Private Placement
The Company raised gross proceeds of $1,300,000 through the
issuance of 2,600,000 Units (the "Brokered Private Placement"). The
Units have the same terms and conditions as the Units issued to
HudBay, as described above. Loewen Ondaatje McCutcheon Limited and
D&D Securities Inc. (collectively, the "Agents") acted as agent
in respect of the Brokered Private Placement on a best efforts
basis. In consideration of the Agents' services in relation to the
Brokered Private Placement, the Company paid the Agents an
aggregate cash fee of $91,000, which is equal to 7% of the gross
proceeds raised in the Brokered Private Placement, and issued to
the Agents compensation warrants exercisable (the "Agents'
Compensation Warrants") to purchase up to an additional 260,000
Units at an exercise price of $0.50 per Unit until December 23,
2012.
Non-Brokered Private Placement
The Company raised gross proceeds of $1,372,500 by the issuance
of 2,745,000 Units to various purchasers (the "Non-Brokered Private
Placement"). The Units issued in the Non-Brokered Private Placement
have the same attributes as those issued to HudBay and under the
Brokered Private Placement, as described above.
In consideration for services provided to the Company in
connection with the Non-Brokered Private Placement, the Company has
paid, to arm's length parties, aggregate cash fees of $66,570 and
issued an aggregate of 165,200 compensation warrants (the "Finders'
Compensation Warrants") as payment of finders' fee. Each Finders'
Compensation Warrant has the same terms as the Agents' Compensation
Warrants issued under the Brokered Private Placement.
Proceeds from the financings will be used to fund the
exploration of the Company's Sherridon Property and for general
working capital.
All of the securities issued in connection with the financings
are subject to a four month hold period under applicable securities
laws and the rules of the TSX Venture Exchange, expiring April 24,
2011.
ON BEHALF OF THE BOARD OF DIRECTORS
Marc Cernovitch, Chairman
About Halo Resources Ltd.
Halo is a Canadian-based resource company focused on the
acquisition of near production base and precious base metal
deposits. The Company's focus is the 200 sq. km. Sherridon VMS
Property, a combination of mature and grassroots volcanogenic
massive sulphide (VMS) copper, zinc and gold exploration
opportunities. A 2008 NI 43-101 compliant copper-zinc resource, for
four of the known deposits in the district, was completed in less
than 18 months. The Company has a joint venture interest in the
Duport Property, an advanced gold property near Kenora, Ontario and
is the operator for several contiguous joint venture properties in
West Red Lake covering 45 sq. km. The Company is operated by an
experienced management team with a growth strategy to develop a
diversified portfolio of advanced mining projects.
Forward-Looking Statements
This Company Press Release may contain certain "forward-looking"
statements and information relating to the Company that are based
on the beliefs of the Company's management as well as assumptions
made by and information currently available to the Company's
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change,
changes in industry practices, and one-time events. Should any one
or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Halo Resources Ltd. Michael Joyner IR 416-619-7539
416-601-9046 (FAX) ir@halores.com www.halores.com First Canadian
Capital Corp. 416-742-5600 or Toll Free: 1-866-580-8891
Halo Resources Ltd. (TSXV:HLO)
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