By Devika Patel
Knoxville, Tenn., Nov. 25 - Eagle Plains Resources Ltd. said it negotiated a C$1 million private placement of units. There is a 10% greenshoe.
The company will sell 2.5 million flow-through units at C$0.22 apiece. Each flow-through unit consists of one flow-through common share and one half-share warrant.
The company also will sell 2.5 million non flow-through units at C$0.18 apiece. Each non flow-through unit consists of one common share and one half-share warrant.
Each whole warrant is exercisable at C$0.30 for 18 months. If the company's shares close at C$0.50 or higher for 10 consecutive trading days, the warrants will expire 30 days after the company notifies holders.
Proceeds will be used for exploration and working capital.
Eagle Plains is a mineral exploration company based in Cranbrook, B.C.
| Issuer: | Eagle Plains Resources Ltd.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, non flow-through units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Greenshoe: | 10%
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
| Pricing date: | Nov. 25
|
| Stock symbol: | TSX Venture: EPL
|
| Stock price: | C$0.20 at close Nov. 24
|
| Market capitalization: | C$12.3 million
|
|
|
| Flow-through units
|
| Amount: | C$550,000
|
| Units: | 2.5 million
|
| Price: | C$0.22
|
|
|
| Non flow-through units
|
| Amount: | C$450,000
|
| Units: | 2.5 million
|
| Price: | C$0.18
|
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