Deal funds exploration and development at Windfall Lake Gold Deposit
By Devika Patel
Knoxville, Tenn., April 8 - Eagle Hill Exploration Corp. said it raised C$1 million in the initial tranche of a C$3.5 million non-brokered private placement of units. The deal priced on March 28.
The company sold 7,518,797 flow-through units of one flow-through common share and a warrant at C$0.133 per unit for C$1 million in the first tranche. It will sell about 35.7 million units of one common share and a half-share warrant at C$0.07 per unit for C$2.5 million in future tranches.
Each whole warrant is exercisable at C$0.10 for two years. The strike price reflects a 42.86% premium to the March 27 closing share price of C$0.07.
Southern Arc Minerals Inc. and Dundee Corp. participated in the initial tranche.
Proceeds will be used for exploration and development of the Windfall Lake Gold project and general working capital.
Eagle Hill is a gold and precious metal exploration company based in Vancouver, B.C.
| Issuer: | Eagle Hill Exploration Corp.
|
| Issue: | Units of one common share and a warrant, flow-through units of one flow-through common share and a warrant
|
| Amount: | C$3.5 million
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Investors: | Southern Arc Minerals Inc. and Dundee Corp.
|
| Pricing date: | March 28
|
| Settlement date: | April 8 (for C$1 million)
|
| Stock symbol: | TSX Venture: EAG
|
| Stock price: | C$0.07 at close March 27
|
| Market capitalization: | C$23.53 million
|
|
|
| Units
|
| Amount: | C$2.5 million
|
| Units: | 35.7 million (approximate)
|
| Price: | C$0.07
|
|
|
| Flow-through units
|
| Amount: | C$1 million
|
| Units: | 7,518,797
|
| Price: | C$0.133
|
| Settlement date: | April 8
|
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