VANCOUVER, British Columbia, Oct. 11, 2017 (GLOBE NEWSWIRE) — Redhawk Resources, Inc. (“Redhawk” or the “Company”) (TSX:RDK) (FWB:QF7) announces that effective August 24, 2017, certain terms of its convertible debentures in the principal amount of US$214,000 issued by the Company on August 24, 2015, and amended August 24, 2016 (the “Debentures”), will be amended as set out below. The Debentures are convertible, at the option of the holder, into units (“Units”) of the Company comprised of one common share (a “Share”) and one common share purchase warrant (a “Warrant”) until the maturity date of the Debentures.
Effective August 23, 2017, the terms of the Debentures will be amended (the “2017 Amendments”), as follows:
- the maturity date of the Debentures will be extended for a period of one year from August 24, 2017, to August 24, 2018;
- the conversion price of the Units will be reduced from $0.045 per Unit to $0.0225 per Unit; and
- the exercise price for the Warrants will be reduced from $0.06 to $0.03.
The Company received the approval for the 2017 Amendments from all of the Debenture holders. The 2017 Amendments are subject to the approval of the Toronto Stock Exchange. Except as amended by the 2017 Amendments, all other terms of the Debentures remain the same.
Redhawk is a Canadian-based resource exploration and development company with a focus on the continued advancement of the Copper Creek copper-molybdenum project in San Manuel, Arizona. The advanced Copper Creek Arizona property consists of approximately 38 km² of contiguous patented and unpatented mining claims and state prospecting permits, located about 112 km northeast of Tucson, Arizona.
ON BEHALF OF THE BOARD
“J. Stephen Barley”
J. Stephen Barley, Executive Chairman
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. These forward-looking statements relate to future events or the Company’s future performance, business prospects or opportunities. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. These statements speak only as of the date of this press release. Forward-looking information involves risks and uncertainties which may cause actual results to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties relate to the ability of the Company to obtain the approval of the Toronto Stock Exchange for the 2017 Amendments. The Company does not intend, and does not assume any obligation, to update any forward-looking information except as required by law.