HASTINGS RESOURCES CORP.
FOR IMMEDIATE RELEASE
Monday, May 5, 2008
(No. 2008-05-03)
???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Contact:????? Investor Relations???????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????? Phone (604) 684-2181
??????????????????????? info@hastingsresourcescorp.com
Amendments to Private
Placement Financing
NOT FOR
DISTRIBUTION TO U.S.
NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Vancouver, B.C. ? May 5, 2008? Hastings Resources
Corp. (TSX Venture: HAS) (?Hastings? or the ?Company?) announces that it has amended the terms of its private placement
financing previously announced on April 8, 2008.
Under the amended financing, the company will issue up to 2,000,000
units (the ?Units?) at a price of $0.15 per Unit and up to 3,500,000
flow-through units (the ?FT Units?) at a price of $0.20 per FT Unit, for total
proceeds of up to $1,000,000.
Each Unit will consist of one common share and one-half of one
transferable common share purchase warrant. Each whole warrant will be
exercisable into one additional common share of the company for 12 months from
closing at an exercise price of $0.25 per common share.
Each FT Unit will consist of one flow-through common share and one-half
of one warrant. Each whole warrant will be exercisable into one additional
common share of the company for 12 months from closing at an exercise price of
$0.30 per common share.? A finder's fee
of 7% payable in cash or non-flow-through Units, having the same terms as the
units, and 7% finder's warrants may be paid.
The proceeds are intended to be spent on general working capital and
exploration of the Company?s properties located in south-central and
northwestern British Columbia.
The gross flow-through proceeds raised from the private placement will be used
for general exploration expenditures, which will constitute Canadian
exploration expenses (as defined in the Canada Income Tax Act) and will be
renounced for the 2008 income tax year.
ON BEHALF OF THE BOARD OF
DIRECTORS
HASTINGS RESOURCES CORP.
?PEEYUSH VARSHNEY?
PEEYUSH VARSHNEY
DIRECTOR
This news release does not constitute an offer to sell
or a solicitation of an offer to sell any of securities in the United
States.?
The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the ?U.S. Securities Act?) or any
state securities laws and may not be offered or sold within the United States
or to U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such registration is
available.
 
