Halo Resources Ltd.
Halo Resources Ltd.: Halo Announces Closing of Offering of Units and Flow-Through Common Shares
Halo Resources Ltd. / Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Toronto, Ontario, May 7, 2008 – Halo Resources Ltd. ('Halo') (TSXV: HLO, FSE:HRL) is pleased to announce that it has closed its previously announced public offering (the 'Offering') of securities for total gross proceeds of $4,044,971.13. The Company issued 12,331,000 flow-through common shares (the 'Flow-Through Shares') at $0.25 per Flow-Through Share and 4,094,558 units (the 'Units') at $0.235 per Unit. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (the 'Warrants'). Each whole Warrant entitles the holder thereof to acquire one additional common share of the Company at a price of $0.30 per common share until November 6, 2009. Versant Partners Inc. and Canaccord Capital Corporation acted as agents (the 'Agents') for the Offering. Proceeds from the sale of the Flow-Through Shares will be used to incur Canadian Exploration Expenses which will be renounced to subscribers in respect of the 2008 taxation year. The Agents received a cash commission equal to 8% of the gross proceeds of the Offering and have been granted compensation options entitling the Agents to purchase, until November 6, 2009, up to 1,231,522 Units, being 7.5% of the number of Units and Flow-Through Shares sold under the Offering, at an exercise price of $0.235 per Unit. In addition, the Agents earned a corporate finance fee of $125,000. Halo will use the net proceeds of the Offering for exploration of its Sherridon VMS Mineral property in Manitoba, its West Red Lake property in Ontario, for holding costs at its Duport Property in Ontario and for general corporate purposes. About Halo Resources Ltd. Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. Currently the Company owns or has an interest in 3 projects: the Sherridon project, which is a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities; West Red Lake, which is a gold exploration project; and Duport, which is an advanced stage gold project. The Company is operated by an experienced management team and backed by a strong network of mining financiers. The Company’s growth strategy is to develop a diversified portfolio of advanced mining projects. Lynda Bloom, President & CEO or Marc Cernovitch, Chairman Halo Resources Ltd. Kontakt Deutschland: Value Relations GmbH T. 069 / 959246 – 11 F. 069 / 959246 – 20 HALO@ir-services.de www.halores.com 07.05.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Halo Resources Ltd. Suite 1280, 625 Howe Street V6C 2T6 Vancouver, BC Kanada Phone: +1 604 484 0068 Fax: +1 604 484 0069 E-mail: info@halores.com Internet: www.halores.com ISIN: CA40637D1087 WKN: A0DQZ4 Listed: Freiverkehr in Berlin; Open Market in Frankfurt End of News DGAP News-Service ---------------------------------------------------------------------------
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