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Toronto,
ON – February 12, 2009 – Hawk Uranium Inc. (TSX-V:HUI,
FRANKFURT:HPM) (“Hawk” or the
“Company”) is pleased to announce that it has received approval from
the TSX Venture Exchange (the “Exchange”) to extend the term and reduce
the exercise price of issued and outstanding warrants exercisable for a
total of 20,348,316 common shares (the “Warrants”).� The Warrants
were issued as part of a private placement that closed in three tranches on
January 19, 2007, January 29, 2007 and February 9, 2007.� �
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The
Warrants had an original term of two years from the date of
issuance.� On January 16, 2009, the term of the Warrants was extended
with the approval of the Exchange to a term of three years with expiry
dates of January 19, 2010, January 29, 2010 or February 9, 2010 (depending
on the date of issuance).� With the approval of the Exchange, the
term of the Warrants has now been extended for an additional two years, for
a total term of five years for the initial date of issuance.� �
The Warrants now expire on January 19, 2012, January 29, 2012 and February
9, 2012, respectively.�
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As
originally issued, the Warrants were exercisable at a price of $0.50 per
common share (the “Exercise Price”).� Hawk has reduced the
Exercise Price to (i) $0.10 per share from the effective date of the
amendment until the end of the third year of each Warrant's term, (ii)
$0.15 per share during the fourth year of each Warrant's term and (iii)
$0.20 per share during the fifth year of each Warrant's term.� In
addition, consistent with the policies of the Exchange, the term of these
Warrants would be shortened to 30 days (commencing seven calendar days
after the tenth Premium Trading Day as hereinafter defined) if, for ten
consecutive trading days (the “Premium Trading Days”) the closing price
of Hawk’s common shares is greater than a pre-determined price (the
"Premium Price") in excess the current Exercise Price.�
While the Exercise Price is $0.10 per share (in essence during the third
year of each Warrant's term), the Premium Price will be $0.133 per
share.� During the fourth year of each Warrant's term, the Premium
Price will be $0.20 per share.� During the fifth year of each
Warrant's term, the Premium Price will be $0.266 per share.
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As
previously disclosed in Hawk’s press release of January 19, 2009, under
Exchange policies, it is a pre-condition that Hawk obtain the written
consent of all of the Warrant-holders to the exercise-price amendments
described above.� As Hawk had not received consents from all
Warrant-holders prior to the original expiry date of the first series of
Warrants, it proceeded with a one-year extension to the term of the
Warrants.� Having subsequently obtained all required consents from
Warrant-holders, Hawk then applied for and obtained Exchange approval of
the amendments announced in this press release.
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Hawk
will be issuing replacement warrant certificates to applicable
Warrant-holders containing the new terms of the Warrants.� The
replacement Warrant certificates will amend and entirely replace the
original Warrant certificates, which will no longer have any force or
effect.
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Nominee
to Board of Directors
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Hawk
is also pleased to announce that Mr. Richard Nemis, Chairman Emeritus of
Noront Resources Ltd., has agreed to stand as a nominee for election to
Hawk’s Board of Directors.� The election of directors will take
place at the next annual and special meeting of the shareholders of Hawk,
which will be held on Thursday February 26, 2009.� If elected, Mr.
Nemis will become the newest member of Hawk’s Board of Directors.
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About
Hawk Uranium
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Hawk Uranium Inc. is a
Canadian based junior mining company with a portfolio of diversified
exploration projects at various stages of exploration and drilling, for
Nickel/Copper/PGM in the ‘Ring of Fire’ McFauld’s Lake Area of N.
Ontario, Gold in N. Ontario and Uranium in N. Saskatchewan, Ontario and
Quebec.
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More detailed information is
available on the website at www.hawkuranium.com
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CAUTIONARY STATEMENT
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The
TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.� �
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
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The
foregoing information may contain forward-looking statements relating to
the future performance of Hawk Uranium Inc. Forward-looking statements,
specifically those concerning future performance, are subject to certain
risks and uncertainties, and actual results may differ materially from
Hawk's plans and expectations. These plans, expectations, risks and
uncertainties are detailed herein and from time to time in the filings made
by Hawk with the TSX Venture Exchange and securities regulators.� Hawk
does not assume any obligation to update or revise its forward-looking
statements, whether as a result of new information, future events or
otherwise.
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Contacts:
Hawk Uranium Inc.:
H. Vance White
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Corinna
de Beer
Investor
Relations
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Phone:
Phone:
Fax:
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416-214-2250
866-214-9486
416-367-1954
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Phone:
eMail:
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416-792-0343
ir@hawkuranium.com
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