newsRedhawk Resources, Inc. and OMC Capital Corporation: Amendment to ReMac Financing and Plan of Arrangement
4/13/2007
VANCOUVER, BRITISH COLUMBIA, Apr 13, 2007 (CCNMatthews via COMTEX News Network) --
Redhawk Resources, Inc. ("Redhawk") (TSX VENTURE:RDK)(FRANKFURT:QF7) and OMC Capital Corporation ("OMC") (TSX VENTURE:CMO.P) announce, further to their joint news releases dated November 22, 2006, December 18, 2006 and April 5, 2006, the terms of the previously announced non-brokered private placement of non-flow-through securities of ReMac Zinc Corp. ("ReMac") have been amended to include a half warrant. ReMac now proposes to issue up to 4,625,385 non-flow through warrants (the "ReMac Warrants") to raise gross proceeds of up to $3,000,000. Each ReMac Warrant will be exercisable to acquire, for no additional consideration, one unit, with each unit being comprised of one common share of ReMac and one-half of one underlying share purchase warrant, with each whole underlying warrant being exercisable to acquire one additional common share of ReMac at a price of $0.75 for a period of 12 months. The previously planned ReMac Warrants were structured to be exercisable to acquire only common shares of ReMac without any warrant.
Pursuant to the terms of the plan of arrangement involving Redhawk, ReMac and OMC, the ReMac Warrants will be exchanged for warrants of OMC (the "OMC Warrants") and each OMC Warrant will be exercisable to acquire one common share and one-half of one underlying share purchase warrant of OMC, having the same terms as the underlying warrants of ReMac. The plan of arrangement has been amended to reflect this change in the underlying securities to be issued by OMC upon completion of the plan of arrangement. The amended plan of arrangement is subject to court approval.
Completion of the Proposed Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the Proposed Qualifying Transaction will be completed as proposed or at all.