By Devika Patel
Knoxville, Tenn., May 12 - Eaglecrest Explorations Ltd. said it took in C$2.32 million in the first tranche of a non-brokered private placement of units. The deal priced for C$6 million on March 16.
The company is selling 12 million units at C$0.50 apiece. It sold 5,638,000 units in the first tranche. The units each consist of one common share and one warrant, with each warrant exercisable at C$0.75 for two years.
Proceeds will be used for exploration and 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: | C$6 million
|
| Shares: | 12 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | March 16
|
| Settlement date: | May 12 (for C$2,319,000)
|
| Stock symbol: | TSX Venture: EEL
|
| Stock price: | C$0.55 at close March 15
|
| Market capitalization: | C$21 million
|
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