Press Release Source: West Hawk Development Corp.
West Hawk Increases IR Contract, Meets Technology Partners and Announces Financing
Monday February 27, 5:54 pm ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 27, 2006--West Hawk Development Corp. (the "Company") (TSX VENTURE:WHD - News; FWB:H5N) is pleased to announce it has entered into a more comprehensive Investor Relations package with Value Relations of Frankfurt, Germany.
Value Relations is a full service Investor Relations firm with eight full-time employees and an extensive contact list of consultants able to deliver complete coverage of the emerging West Hawk story. The Company has elected to enhance the level of commitment to Investor Relations at an increased monthly package rate from $6,750 to $8,500 while extending the contract for an additional six months.
Technology Partners: The Company has just returned from a trip to Germany where Company COO Dr. Mark Hart gave a well received presentation on coal gasification technology and West Hawk's gasification opportunities at the well attended Stock Days Conference February 23rd and 24th in Frankfurt, Germany. The management team also met with senior representatives from Sasol-Lurgi, world leaders in coal gasification technology, the CEO of DBT, the largest manufacturer of underground coal mining equipment in the world, and the CEO of Eickhoff Bergbautechnik GmbH, a technology company specializing in high performance coal mining machines built in Germany.
The Company has also recently returned from touring Tampa light and Power's "Polk" Integrated Gasification Combined Cycle (IGCC) power plant near Orlando, Florida. The "Polk" IGCC plant is the first commercial plant of its kind built in the U.S., a 250 mega watt single train GE designed plant that is considered the lowest cost power producer on the Tampa Light and Power electrical grid. GE is one of several companies including Conocco Phillips, Shell Oil, and Sasol-Lurgi that all have competing technologies in the gasification and gas-to-liquids field.
Coal in the News: In recent public addresses by U.S. President George Bush, Alberta Premier Ralph Klein and Montana Governor Brian Schwietzer, Clean Coal technologies was addressed as being the energy future for both Canada and the United States. "There's enormous opportunity for one of the best economical, environmentally clean fuels of the future - and that's coal," Alberta Energy Minister Greg Melchin said. "Coal is and can be at the forefront of a clean environmental solution."
West Hawk management believes the coal gasification process is in the early stages of benefiting from the enormous movement in US policy to derive 75% of their petroleum needs from North American sources and the technology should experience a similar boom to the one currently underway at the Alberta tar sands. Anticipating this movement, West Hawk CEO Chris Verrico notes, "we want to tie up significant known coal resources in close proximity to infrastructure and load centres. The tar sands use an incredible amount of natural gas in their upgrading processes and we want to help supply those needs."
West Hawk Development Corp. is pleased to announce a private placement of up to 1,000,000 units at $0.50 per unit for gross proceeds of C$500,000 dollars. Each unit will consist of 1 common share and one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share of West Hawk at a price of C$0.60 for a period of 2 years.
The Company has also granted incentive stock options to directors, officers and consultants to purchase up to a total of 370,000 common shares in the capital stock of the Company, exercisable for a period of two years, at a price of $0.60 cents per share.
About the Company - West Hawk is a mineral exploration and development Company committed to building shareholder value through the development of it's Coal properties in Northern British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Townsend, President and CEO
