Issue of Equity

PipeHawk PLC
11 February 2004

PIPEHAWK PLC



ISSUE OF EQUITY



The Company is pleased to announce the completion of a placing of 2,156,863
ordinary shares at a price of 25.5p raising £250,000 before expenses, and the
simultaneous conversion of debts amounting to £14,500 into 56,863 ordinary
shares also at a price of 25.5p.  Application has been made for the total number
of 2,213,726 ordinary shares to be traded on AIM and admission is expected on 17
February 2004.




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