HELLSPAWN i011
There are 3 official versions:
Feb 2004 Series 25 Original
Feb 2004 Series 25 Repaint
Jul 2005 Reborn Series 3
Based on the cover art of Hellspawn issue #11 and released as part of Series 25: The Classic Comic Cover II in February 2004. Three versions are attributed to it.
Art of Hellspawn Collection
This sub-collection group comprise of figures that are direct adaptation from or interpretation of the arts of Ashley Wood and Ben Templesmith seen in Hellspawn and they include Hellspawn i001, Hellspawn i005, Hellspawn i011 (aka Raven Hellspawn 2), Raven Spawn (aka Hellspawn i007) and Nightmare Spawn (aka Hellspawn i015).
The image of the Raven Hellspawn on the top is taken by 'Ocelot' from spawn.com message board, do an advanced search in the forum and checked out his photographs of spawns.
February 2004 Series 25 Original: Spawn HSI.011
Released as Spawn hsi.11 in February 2004 under Series 25, he is pretty small for a 1/12th figure.
February 2004 Series 25 Variant: Spawn HSI.011
The second version - the variant was similarly introduced in February 2004.
The difference between the Original and Variant?
The easiest of course is the head. Another way is to look at the weapon, v1 carried a sickle while v2 carried a staff. Interestingly, both have shiny pointy shoes.
And both sport similar feather-like cape.
July 2005 Reborn Series 3: Raven Hellspawn 2
The reborn version is made in the exact likeness of the original version and is repainted with him wearing the traditional red-ribcage costume. He has been renamed Raven Hellspawn 2 in this Reborn Series 3 of July 2005 but to avoid confusion, he remains in the index as Hellspawn i011.