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Friday, April 25, 2008
Hawthorne Gold Closes Second Tranche of Aggregate $12.3
Million Financing
THIS NEWS RELEASE IS NOT FOR
DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
Hawthorne Gold Corp. ("Hawthorne" or the "Company")
(TSX-V: HGC; WKN: A0M55U) further to the Company's news release of April
17, 2008, Hawthorne announces it has closed a second tranche of the brokered
private placement consisting of an additional 294,612 flow-through common
shares (the "Flow-Through Common Shares") for gross proceeds of
approximately $574,490. The brokered private placement (the
"Offering") was led by Blackmont Capital Inc. and included J.F.
Mackie & Company Ltd. and M Partners Inc. (collectively the
"Agents"). The total gross proceeds raised in the two tranches was
$12,314,980.
The Agents received a cash commission of $34,469 or 6% of the gross proceeds
raised, and 17,677 compensation options (the "Compensation
Options") equal to 6% of the aggregate number of Flow-Through Common
Shares sold pursuant to the second tranche of the Offering. Each Compensation
Option entitles the holder thereof to purchase one common share of the
Company at an exercise price of $1.75 per common share for a period of 12
months from the closing of the second tranche of the Offering.
Proceeds from the Offering will be used to fund the Company's 2008 field
work, including exploratory and definition drilling on the Frasergold
project, the Table Mountain project and the Taurus project, all located in
British Columbia, Canada.
The common shares to be issued in connection with the second tranche of the
Offering will be subject to a four month hold period from the closing date of
the second tranche of the Offering in accordance with the policies of the TSX
Venture Exchange and applicable securities laws.
About Hawthorne Gold Corp.
Hawthorne Gold Corp. is a Canadian-based gold exploration and development
company with key properties located in British Columbia, Canada. Hawthorne is
led by well-respected mining leaders Richard Barclay and Michael Beley
together with mining veteran Michael Redfearn. Hawthorne's goal is to become
a junior gold producer through planned production at Table Mountain in 2009
and continued resource development at the optioned Frasergold and Taurus
deposits.
For more information on Hawthorne, contact Robert Ferguson at (604) 629-1505
or toll free at 1-888-629-1505 or Todd Hanas toll free at 1-866-869-8072, or
you can visit Hawthorne's website at www.hawthornegold.com.
ON BEHALF OF HAWTHORNE GOLD CORP.
"Richard J. Barclay"
President & CEO
Certain information
regarding the company including management's assessment of future plans and
operations, may constitute forward-looking statements under applicable
securities laws and necessarily involve risks associated with mining
exploration and development, volatility of prices, currency fluctuations,
imprecision of resource estimates, environmental and permitting risks, access
to labour and services, competition from other companies and ability to
access sufficient capital. As a consequence, actual results may differ
materially from those anticipated in the forward-looking statements. The TSX
Venture Exchange does not accept responsibility for the adequacy or accuracy
of this release.
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