October 21, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Black Hawk Exploration, Inc. (OTCBB: BHWX), a metals and energy exploration company, said that it has closed an equity purchase agreement with certain institutional investors for the purchase of 2,272,728 shares of the company's common stock at $0.22 per share. In addition to the aggregate per-share purchase price of $500,000, the terms include a loan agreement with the same institutional investors for the purchase of original issue discount secured promissory notes for an aggregate purchase price of $500,000 with the assistance of MidSouth Capital, Inc.  

Kevin M. Murphy, the firm’s CEO, said, "This financing will now allow us to push forward with our exploration plans and we expect to announce the first of these by the end of the month."

In connection with the equity financing, the company also issued the investors warrants to acquire up to 15 million shares of the company's common stock at $0.22 per share for a period of 30 months as well as warrants to acquire up to 2,272,728 shares of the company's common stock at $0.22 per share for a period of 5 years.  

Washington-based Black Hawk’s current focus on gold and lithium exploration through its wholly owned subsidiaries Golden Black Hawk and Blue Lithium. Gold exploration and discovery is currently underway at the company's Nevada Dun Glen holdings.

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