Hawthorne Closes Second Tranche of Private Placement for Gross Proceeds of $7,555,000 and Announces Changes in Directors and Officers
Press Release Source: Hawthorne Gold Corp. On Wednesday March 23, 2011, 11:55 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 03/23/11) - Hawthorne Gold Corp. ("Hawthorne" or the "Company") (TSX-V:HGC - News)(PINK SHEETS:HWTHF - News) is pleased to announce that further to its news release of February 2, 2011, the Company has closed the second and final tranche of the non-brokered private placement (the "Private Placement") and issued 68,681,818 common shares in the capital of the Company ("Shares") at the price of $0.11 per Share for gross proceeds of $7,555,000.
The Shares issued under the final tranche of the Private Placement are subject to a statutory hold period expiring on July 24, 2011.
The funds raised from the issuance of the Shares will be used for exploration and development at the Company's Cassiar Gold Camp, as well as for general corporate and working capital purposes.
"The closing of the private placement with Skyocean opens a new and exciting chapter for the Company. We look forward to a long and mutually beneficial relationship with our new major shareholder" stated Richard Barclay.
Changes to the Board and Management
As announced in the Company's news release of January 6, 2011 (the "January 6th News Release"), subject to final regulatory approval, Jian Zhang has been appointed as a director of the Company to replace Dale A. Sketchley who has resigned from the Board. Michael Beley has resigned as the Chairman and Richard Barclay has resigned as the President and Chief Executive Officer of the Company. Mr. Zhang has been appointed Chairman of the Company and Dr. Shijia Tang has been appointed Chief Executive Officer of the Company. Messrs Beley and Barclay will remain directors of the Company. For further details on Mr. Zhang and Dr. Shijia Tang please see the January 6th News Release.
Name Change
The Company is in the process of applying to the TSX Venture Exchange to request approval for the change of the Company's name to China Minerals Mining Corporation
