By Devika Patel
Knoxville, Tenn., June 26 - Eaglecrest Explorations Ltd. said it is increasing a non-brokered private placement of units to $2.5 million. The deal priced for $1.5 million on Dec. 22. It raised $503,450 in the first tranche on March 30.
The company now will sell 50,069,000 units at $0.05 apiece. It sold 10,069,000 units in the first tranche. The units each consist of one common share and one warrant, with each warrant exercisable at $0.10 for one year.
Proceeds will be used to fund ongoing operations at the company's San Simon exploration project and for general working capital.
Based in Vancouver, B.C., Eaglecrest is a gold exploration company.
| Issuer: | Eaglecrest Explorations Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $2,503,450
|
| Units: | 50,069,000
|
| Price: | $0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.10
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 22
|
| Upsized: | June 26
|
| Settlement date: | March 30 (for $503,450)
|
| Stock symbol: | TSX Venture: EEL
|
| Stock price: | C$0.03 at close Dec. 22
|
| Market capitalization: | C$20.6 million
|
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