Proceeds will fund drilling program at the Windfall Lake Gold Deposit
By Devika Patel
Knoxville, Tenn., Aug. 15 - Eagle Hill Exploration Corp. said it completed a C$12 million private placement of units.
The company sold 160 million units of one common share and a half-share warrant at C$0.075 per unit.
Each whole warrant is exercisable at C$0.10 for four years. The strike price reflects a 42.86% premium to the Aug. 14 closing share price of C$0.07.
Southern Arc Minerals Inc. invested C$7.32 million, and Dundee Corp. invested C$4.68 million.
Proceeds will be used for a drilling program at the Windfall Lake Gold Deposit and the acquisition of Noront Resources Ltd.'s 25% interest, royalties and rights over the Windfall Lake Property.
Eagle Hill is a gold and precious metal exploration company based in Vancouver, B.C.
| Issuer: | Eagle Hill Exploration Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$12 million
|
| Units: | 160 million
|
| Price: | C$0.075
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$0.10
|
| Investors: | Southern Arc Minerals Inc. (for C$7,324,050) and Dundee Corp. (for C$4,675,950)
|
| Settlement date: | Aug. 15
|
| Stock symbol: | TSX Venture: EAG
|
| Stock price: | C$0.07 at close Aug. 14
|
| Market capitalization: | C$13.09 million
|
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