HASTINGS RESOURCES CORP.
FOR IMMEDIATE RELEASE
Thursday, August 7,
2008
(No. 2008-08-09)
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Contact:????? Investor Relations???????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????? Phone (604) 684-2181
????????????????? info@hastingsresourcescorp.com
Hastings
Resources Announces Closing of Private Placement
Vancouver, B.C. ?V
August 7, 2008?V 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,
June 2, 2008 and July 3, 2008, it has received final TSX Venture Exchange
acceptance with respect to the closing of the second tranche of its
non-brokered private placement.
The Company issued a total of 118,000 non-flow through
units (each a ??Unit??) and 1,365,000 flow-through units (each a ??FT Unit??)
for gross proceeds of $290,700.
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 December 7, 2008.
In connection with the closing of the second tranche
of the private placement, the Company shall pay finders?? fees of $10,899 in
cash and 55,510 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 total financing, including the closing of the
first tranche of 2,460,000 Units and 2,150,000 FT Units for gross proceeds of
$799,000 and the closing of the second tranche of 118,000 Units and 1,365,000
FT Units for gross proceeds of $290,700 resulted in the Company issuing a total
of 2,578,000 Units and 3,515,000 FT Units for total gross proceeds of
$1,089,700.
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
