Deal funds exploration and development at Windfall Lake Gold Deposit
By Devika Patel
Knoxville, Tenn., June 20 – Eagle Hill Exploration Corp. said it raised C$32,500 in the second and final tranche of a C$2.36 million non-brokered private placement of units.
The deal priced for C$3.5 million on March 28 and was revised and repriced to raise C$3.5 million on April 22. The company raised C$2.33 million on May 9.
Eagle Hill sold 47.2 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 and 650,000 units in the second.
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 for general working capital.
Eagle Hill is a gold and precious metals exploration company based in Vancouver, B.C.
| Issuer: | Eagle Hill Exploration Corp.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$2.36 million
|
| Units: | 47.2 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 dates: | May 9 (for C$2,327,500), June 20 (for C$32,500)
|
| Stock symbol: | TSX Venture: EAG
|
| Stock price: | C$0.07 at close March 27
|
| Market capitalization: | C$19.61 million
|
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