HASTINGS RESOURCES CORP.
FOR IMMEDIATE RELEASE
Thursday, July 3, 2008
(No. 2008-07-08)
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Contact:????? Investor Relations????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????? Phone (604) 684-2181
????????????????? info@hastingsresourcescorp.com
Hastings
Resources Announces Closing of Private Placement
Vancouver, B.C. ? July 3, 2008?
Hastings Resources Corp. (TSX
Venture: HAS) (?Hastings? or the ?Company?) is pleased
to announce that, further to its news releases dated April 8, 2008, May 3, 2008
and June 2, 2008, it has received final TSX Venture Exchange acceptance with
respect to the closing of the first tranche of its non-brokered private
placement.
The Company issued a total of
2,460,000 non-flow through units (each a ?Unit?) and 2,150,000 flow-through
units (each a ?FT Unit?) for gross proceeds of $799,000.
Each Unit consists of one common
share and one-half of one transferable common share purchase warrant.? Each whole warrant is exercisable into one
additional common share of the Company for a period of 12 months from the date
of closing at an exercise price of $0.25 per common share.
Each FT Unit consists of one
flow-through common share and one-half of one transferable common share
purchase warrant.? Each whole warrant is
exercisable into one additional common share of the Company for a period of 12
months from the date of closing at an exercise price of $0.30 per common share.
The securities issued under the
private placement are subject to a four month hold period expiring on October
31, 2008.
In connection with the closing of
the first tranche of the private placement, the Company shall pay finders? fees
of $37,870 in cash and 73,500 warrants.?
Each whole warrant is exercisable into one additional common share of
the Company for a period of 12 months from the date of closing at an exercise
price of $0.30 per common share.
The proceeds will be spent on
general working capital and exploration of the Company?s properties located in
south-central and northwestern British
Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS
HASTINGS RESOURCES CORP.
?PEEYUSH VARSHNEY?
PEEYUSH VARSHNEY, LL.B.
PRESIDENT
