February 18th, 2011
News Release No. 209
TSX Venture Exchange - HGO
CUSIP NO : 42016R 30 2


HAWKEYE Gold & Diamond Inc. (the “Company” or “HAWKEYE”): Vancouver, British Columbia: Trading symbol: TSX.V: HGO announces that it has amended the terms and increased total proceeds to be raised through a $500,000 non-brokered private placement previously announced November 26, 2010. The offering which was initially a blended flow-through and non-flow-through financing has been amended to be a hard dollar (non-flow-through) financing and the Company has increased gross proceeds to be raised from the financing by offering up to 5,433,333 Units in the capital of the Company at a price of $0.15 cents per Unit for gross proceeds of up to $815,000. Each Unit will consist of one common share and one common share purchase warrant. Each whole warrant shall be exercisable into one common share at a price of $0.25 per common share for a period of 18 months from the closing date of the offering. If the Issuer Shares have a closing price of Cdn. $0.35 or more per Share for thirty (30) consecutive trading days on the TSX-V after the closing date, Hawkeye shall be entitled to give notice to the holders of the Warrants, that the Warrants will expire 30 days from the date of mailing of such notice unless exercised before the expiry of that period, and in such event all unexercised Warrants will expire at 4:30 p.m. (Vancouver Time) on the last day of such 30 day period.

The private placement will be subject to a four (4) month hold from closing and completion is subject to receipt of applicable regulatory approvals and finder’s fees may be paid on a portion of the offering.

Proceeds of the private placement will be used for general working capital purposes, acquisition and exploration work over the Company’s mineral properties.

The placement is expected to close shortly.


Greg Neeld
President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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