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Hawk Uranium Inc. Adds Common Share Units to Private Placement; Confirms Abandonment of Cortez Property
Toronto, Ontario - April 30, 2010: Hawk Uranium Inc. (HUI: TSX Venture) ("Hawk") announced in its press release dated April 7, 2010 that it has engaged IBK Capital Corp.(“IBK”) to assist with a private placement of up to 5,000,000 Flow-Through Units, priced at $0.10 per unit to raise up to $500,000. Each Flow-Through Unit will consist of one common share of Hawk to be issued as a "flow-through share" under the Income Tax Act (Canada) and one half non-flow-through common share purchase warrant. Each full common share purchase warrant will entitle the holder to purchase one common share of Hawk for a period of two years at an exercise price of $0.15 per share for the first 12 months from the date of issue, and at an exercise price of $0.20 per share for the next 12 months.
Hawk is pleased to announce that it has increased the number of securities to be issued in the private placement to include up to an additional 2,000,000 Common Share Units, priced at $0.09 per unit to raise up to $180,000. Each Common Share Unit will consist of one common share of Hawk and one common share purchase warrant. The common share purchase warrants included in the Common Share Units will have the same terms as those included in the Flow-Through Units.
Under the terms of the compensation arrangement with IBK, Hawk will pay a 9% cash commission on the amount raised, plus a number of broker’s warrants equal to 10% of the number of Flow-Through Units and Common Share Units placed. The broker warrants issued in connection with the placement of Flow-Through Units are exercisable to purchase one unit (consisting of one common share of Hawk and one half of one warrant having the same terms as the warrants included in the Flow-Through Units) at a price of $0.10 per unit, while the broker warrants issued in connection with the placement of Common Share Units are exercisable to purchase one unit (consisting of one common share of Hawk and one warrant having the same terms as the warrants included in the Flow-Through Units) at a price of $0.09 per unit. Each broker warrant is exercisable for a period of four years from the date of issue.
All securities issued in connection with this financing will be subject to a four-month hold period from the closing date. This financing is subject to approval by the TSX Venture Exchange, as well as other applicable regulatory approval.
The closing date for the private placement of the Flow-Through Units and Common Share Units is scheduled on or about May 4, 2010.
The proceeds from the private placement will be used by Hawk for exploration work on its properties in Northern Ontario and for working capital and other general corporate purposes.
Abandonment of Cortez/Gladwin Property.
Hawk previously acquired an option over 19 mining claims in the Cortez Township, Ontario and the Gladwin Township, Ontario in the Elliot Lake area of northern Ontario (the “Cortez Option”) covering approximately 11,720 acres) within geological belts where uranium deposits have been located in the past. Hawk staked an additional 160 claim units (approximately 6,400 acres) in 2008. A Radiometric Magnetic and VLF Airborne Survey and ground survey work was completed during 2008. The additional 160 claim units that were staked were allowed to lapse during the first quarter of fiscal 2010 and no further work is contemplated in the short term.
The Cortez Option was terminated in the second quarter of fiscal 2010 and the original 19 claims returned to the owner. As per the agreement with the owner, the assessment work has been filed with the Ontario Ministry of Northern Development and Mines. The Company wrote off its acquisition and exploration expenditures for this property, amounting to a write off of $161,903, during the second quarter of fiscal 2010.
About Hawk Uranium Inc.:
Hawk Uranium Inc. is a Canadian based junior exploration company with a portfolio of diversified projects at various stages of exploration and drilling, for Uranium in Northern Saskatchewan, Gold in Ontario and Nickel/Copper/PGM in the ‘Ring of Fire’ McFauld’s Lake Area of Northern Ontario.
More detailed information is available on the website at www.hawkuranium.com.
Cautionary Statement:
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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..
Contacts: Hawk Uranium Inc.
H. Vance White, President Phone: 416-214-2250 Phone: 866-214-9486 Fax: 416-367-1954
Corinna de Beer, Investor Relations Phone: 416-792-0343 eMail: ir@hawkuranium.com
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