By Devika Patel
Knoxville, Tenn., Aug. 19 - Eagle Plains Resources Ltd. announced it completed a C$1.88 million private placement of units. The deal priced for C$1.65 million on July 21 and was lifted to C$1.85 million on Aug. 13.
The company sold 1.04 million flow-through common units at C$0.25 per unit for C$250,000 and 8,107,500 units at C$0.20 apiece for C$1.62 million.
Each flow-through unit will consist of one flow-through common share and one warrant. Each unit will consist of one common share and one half-share warrant.
Each whole warrant will be exercisable at C$0.30 for two years.
The warrants may expire sooner if Eagle Plains Resources' shares trade at C$0.50 or higher for 10 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
Proceeds from the deal, which is expected to settle in August, will be used to finance production activity at the Yellowjacket Gold Project, exploration of the company's various projects and for 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 half-share warrant; flow-through units of one flow-through common share and one warrant
|
| Amount: | C$1,881,500
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Pricing date: | July 21
|
| Upsized: | Aug. 13
|
| Settlement date: | Aug. 19
|
| Stock symbol: | TSX Venture: EPL
|
| Stock price: | C$0.21 at close July 21
|
| Market capitalization: | C$13.9 million
|
|
|
| Units
|
| Amount: | C$1,621,500
|
| Units: | 8,107,500
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
|
|
| Flow-through units
|
| Amount: | C$260,000
|
| Units: | 1.04 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
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