Vancouver, British Columbia--(Newsfile Corp. - December 30, 2019) - Seahawk Ventures Inc. (CSE: SHV) ("Seahawk") announces that it has closed the first tranche of its non-brokered private placement announced in its press release of December 20, 2019. Seahawk has raised gross proceeds of $115,900 through the sale of 463,600 Units at a price of $0.25 per Unit. Each Unit consisted of one common share in the capital of the Corporation (a "Unit Share") and one common share purchase warrant (a "Warrant") entitling the holder to acquire one common share in the capital of the Corporation (a "Warrant Share") for three years from the Closing Date at a price of $0.50.
The shares sold in the private placement are subject to a hold period which expires on May 1, 2020. There are no Finder's fees in connection with the Placement. The gross proceeds from the sale of units will be used for mineral exploration expenses in the Province of Quebec, and for general working capital purposes.
The Company also announces it has granted incentive stock options to certain directors and consultants of the Company for the right to purchase up to an aggregate of 1,000,000 common shares, exercisable at a price of $0.25 per share for a period of 24 months. The stock options are granted in accordance with the Company's Stock Option Plan, which was approved by the shareholders at the Company's annual general meeting on December 11, 2019, and the policies of the Canadian Stock Exchange.
ON BEHALF OF THE BOARD
CEO and Director
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