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Halo Resources Closes Brokered and Non-brokered Financings Toronto, Ontario, November 6, 2009 -- Halo Resources Ltd. (TSXV: HLO) (the “Company”) is pleased to announce that it has completed initial closings of a brokered private placement (the “Brokered Financing”) and a non-brokered private placement (the “Private Placement”, collectively with the Brokered Financing, the “Financings”) to raise aggregate gross proceeds of $1,149,500 through the issuance of units consisting of an aggregate of 22,990,000 common shares of Halo (“Shares”) and common share purchase warrants (“Warrants”) exercisable into an additional 18,995,000 Shares. The Financings were originally announced in the Company’s news releases dated September 29, 2009 and October 19, 2009. The initial closings of the Financings may be followed by one or more subsequent closings. In the Brokered Financing, which closed on November 4, 2009, the Company raised gross proceeds of $849,500 through the issuance of 15,000,000 non-flow-through units (“NFT Units”) at a price of $0.05 per NFT Unit and 1,990,000 flow-through units (“FT Units”) at a price of $0.05 per FT Unit. Each NFT Unit consists of one Share, issued on a non-flow-through basis, and one Warrant, exercisable for one additional share at any time for a period of two years following issuance, at an exercise price of $0.075 in the first year, and $0.10 in the second year. Each FT Unit consists of one Share, issued on a flow-through basis, and one half of one Warrant, with each whole Warrant being exercisable into one additional Share at any time for a period of two years following issuance, at an exercise price of $0.15 in the first year, and $0.20 in the second year. Loewen Ondaatje McCutcheon Limited (the “Agent”) acted as agent in respect of the Brokered Financing on a best efforts basis. In consideration of the Agent’s services in relation to the Brokered Financing, the Company paid the Agent a cash fee of $59,465, which is equal to 7% of the gross proceeds raised in the Brokered Financing, and issued the Agent options exercisable by the Agent into up to 1,189,300 additional NFT Units at any time for a period of two years following the closing of the Brokered Private Placement, at an exercise price of $0.05 per NFT Unit. In the Non-Brokered Financing, which closed on November 3, 2009, the Company raised gross proceeds of $300,000 by the issuance of 6,000,000 FT Units to MineralFields 2009-V Super Flow-Through LP, a limited partnership, of which the general partner is the MineralFields Group (“MineralFields”) at a price of $0.05 per FT Unit. The FT Units issued in the Non-Brokered Financing have the same attributes as those issued in the Brokered Financing. Upon the completion of the Financings, various MineralFields funds own an aggregate of 24,366,747 Shares, representing approximately 17.34% of the issued and outstanding common shares of the Company. MineralFields also holds Warrants exercisable into an aggregate of 13,932,587 additional Shares. The Warrants issued to MineralFields are subject to a restriction on exercise whereby MineralFields may not exercise the Warrants if, after giving effect to such exercise, MineralFields, together with any person or company acting jointly or in concert with MineralFields, would in the aggregate beneficially own, or exercise control or direction over, 20% or more of the total issued and outstanding voting securities of the Company, without prior approval of the TSX Venture Exchange (the “Exchange”) and the Company’s disinterested shareholders. Proceeds from the FT Units issued in the Financings will be used to finance the exploration of the Company’s properties and for general working capital. Limited Market Dealer Inc. (“LMD”) provided services to the Company as a finder in connection with the Non-Brokered Financing. In consideration for such services, the Company paid LMD a cash finder’s fee of $15,000, which is equal to 5% of the gross proceeds raised in the Non-Brokered Financing, and issued LMD finder’s warrants, exercisable into 420,000 additional units at an exercise price of $0.05 per unit, each such unit consisting of one Share, issued on a non-flow-through basis, and one half of one Warrant, with each whole Warrant being exercisable into one additional Share at any time for a period of two years following issuance, at an exercise price of $0.15 in the first year, and $0.20 in the second year. All of the securities issued in connection with the Financings are subject to a four month hold period under applicable securities laws and the rules of the Exchange, expiring March 4, 2009 in the case of the Non-Brokered Financing and March 5, 2009 in the case of the Brokered Financing. ON BEHALF OF THE BOARD OF DIRECTORS “Marc Cernovitch” Marc Cernovitch Chairman For further information, please contact: Marc Cernovitch Halo Resources Ltd. Telephone: 416-619-7539 Fax: 416-601-9046 Email: info@halores.com About Halo Resources Ltd. Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. The Company’s focus is the 200 sq. km. Sherridon VMS Property, a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. A 2008 NI43-101 compliant copper-zinc resource, for four of the known deposits in the district, was completed in less than 18 months. The Company has a joint venture interest in the Duport Property, an advanced gold property near Kenora, Ontario and is the operator for several contiguous joint venture properties in West Red Lake covering 45 sq. km. The Company is operated by an experienced management team with a growth strategy to develop a diversified portfolio of advanced mining projects. Forward Looking Statements This Company Press Release may contain certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. 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. |
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| aus der Diskussion: | HALO RESOURCES LTD (GOLD / KUPFER / ZINK) Info Thread |
| Autor (Datum des Eintrages): | dublone (10.11.09 21:48:17) |
| Beitrag: | 1,097 von 2,007 (ID:38361127) |
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