Gold Hawk Resources Inc. (TSX-V: CGK) has signed a $12.5 million indicative term sheet for a standby credit facility. The credit facility will be provided by Renvest Mercantile Bancorp Inc. through the Global Resource Fund. Net proceeds will be used to finance the acquisition of a mining asset or a strategic merger with a resource company. The credit facility along with the company's $15 million cash on hand will be able to greatly increase the size of any transaction the company is looking to pursue.
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The loan drawdowns will have an interest of 12.5% per annum, under the term sheet. The standby credit facility will be available for drawdown for 12 months from the closing date. Each drawdown will be due 24 months following the date of the drawdown. Upon closing of the credit facility, the company will isue 150,000 share purchase warrants to the lender at a price of $0.95 with an expiration date of two years from the date of issue.
About Gold Hawk Resources Inc.
Gold Hawk (TSX VENTURE:CGK) is a Vancouver, Canada-based precious metals company with a 15% ownership of a near-term production project at the Coricancha Mine and 600 tonnes of ore per day processing facility in central Peru. Gold Hawk has no debt and $15 million in cash and is seeking business opportunities in the mining sector. The Company also holds mining concessions at the Barry-Souart property northeast of Val D'Or, Quebec - a gold mining area with existing mining operations nearby. Gold Hawk is operated by an experienced management team with significant operating experience.
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