HALO ANNOUNCES FINANCINGS TO RAISE UP TO $4.5 MILLION
Toronto, Ontario, December 8, 2010 – Halo Resources Ltd. (TSXV:HLO; FSE:HRLN)
(“Halo” or the “Company”) is pleased to announce that Halo has arranged for financings to
raise up to an aggregate of CDN $4.5 Million.
Private Placement by HudBay Minerals Inc.
Halo has entered into a subscription agreement for a non-brokered, private placement (the
“HudBay Private Placement”) to raise $1,827,500 through the sale of 3,655,000 units (the
"Units") to HudBay Minerals Inc. (TSX, NYSE:HBM) (“HudBay”) at a price of $0.50 per Unit.
Each Unit consists of one common share and one half of one non-transferable common share
purchase warrant (a “Warrant”). Each whole Warrant entitles HudBay to purchase one common
share of the Company at an exercise price of $0.60 for a period of 24 months from the date of
issuance. Completion of the financing is conditional on the Company raising not less than an
additional $2.2 million in the financings described below as well as other customary closing
conditions. Upon completion of the HudBay Private Placement, HudBay will hold up to 14.5%
of the issued and outstanding shares of Halo on a non-diluted basis and up to 19.9%, assuming
full exercise of the Warrants by HudBay.
Marc Cernovitch, Chairman of Halo comments, “We believe HudBay’s investment in Halo is an
endorsement of the Sherridon district and its potential to join Snow Lake and Flin Flon as part of
the region’s metal production pipeline and recognizes the value of Halo and the quality and
potential of its mineral properties”.
Pursuant to the subscription agreement, HudBay shall, at its option, be entitled to maintain its
proportionate equity interest in Halo through a right to participate in any subsequent issuances of
equity or securities convertible into equity.
An option agreement announced December 21, 2009 allows HudBay to earn up to a 67.5% joint
venture interest in a 1.1...www.halores.com/news/pdf/2010%20PRs/101208.pdf
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