By Devika Patel
Knoxville, Tenn., Nov. 30 - Eagle Plains Resources Ltd. announced that it is revising a non-brokered private placement of units to raise C$3.35 million. The deal priced for C$3.85 million on Nov. 21.
The company now will sell up to 3.5 million flow-through common units at C$0.70 per unit, lowered from C$0.80 per unit, for C$2.45 million, and up to 1.5 million units at C$0.60 apiece, lowered from C$0.70 apiece, for C$900,000.
As previously reported, each flow-through unit will consist of one flow-through common share and one warrant, with each warrant exercisable at C$1.00 for 18 months. Each unit will consist of one common share and one warrant, with each warrant also exercisable at C$1.00 for 18 months.
The warrants may expire sooner if Eagle Plains Resources' shares trade at C$1.20 or higher for 10 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
The company may pay a 7% finder's fee for this deal, which is expected to settle on Dec. 14.
Proceeds from the deal, which is expected to settle by Dec. 7, will be used for exploration and general working capital.
Eagle Plains is a mineral exploration company based in Cranbrook, B.C.
| Issuer: | Eagle Plains Resources Ltd.
|
| Issue: | Units of one common share and one warrant; flow-through units of one flow-through common share and one warrant
|
| Amount: | C$3.35 million
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.00
|
| Agent: | Non-brokered
|
| Fees: | 7%
|
| Pricing date: | Nov. 21
|
| Revised: | Nov. 30
|
| Settlement date: | Dec. 14
|
| Stock symbol: | TSX Venture: EPL
|
| Stock price: | C$0.70 at close Nov. 21
|
|
|
| Units
|
| Amount: | C$900,000
|
| Units: | 1.5 million
|
| Price: | C$0.60
|
|
|
| Flow-through units
|
| Amount: | C$2.45 million
|
| Units: | 3.5 million
|
| Price: | C$0.70
|
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