Deal funds exploration and development at Windfall Lake Gold Deposit
By Devika Patel
Knoxville, Tenn., May 9 - Eagle Hill Exploration Corp. said it raised C$2.33 million in the initial tranche of a C$3.5 million non-brokered private placement of units. The deal priced for C$3.5 million on March 28 and was revised and repriced on April 22.
The company is selling 70 million units of one common share and a warrant at C$0.05 per unit. It sold 46.55 million units in the first tranche.
Each whole warrant is exercisable at C$0.08 for two years. The strike price reflects a 14.29% premium to the March 27 closing share price of C$0.07.
Southern Arc Minerals Inc. and Dundee Corp. bought 20 million units each for C$1 million in the first 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
|
| Amount: | C$3.5 million
|
| Units: | 70 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.08
|
| Agent: | Non-brokered
|
| Investors: | Southern Arc Minerals Inc. (for C$1 million) and Dundee Corp. (for C$1 million)
|
| Pricing date: | March 28
|
| Revised: | April 22
|
| Settlement date: | May 9 (for C$2,327,500)
|
| Stock symbol: | TSX Venture: EAG
|
| Stock price: | C$0.07 at close March 27
|
| Market capitalization: | C$19.61 million
|
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