By Devika Patel
Knoxville, Tenn., Nov. 21 - Eagle Plains Resources Ltd. announced that it plans to raise up to C$3.85 million in a private placement of units.
The company will sell up to 3.5 million flow-through common units at C$0.80 per unit for C$2.8 million and up to 1.5 million units at C$0.70 apiece for C$1.05 million.
Each flow-through unit will consist of one flow-through common share and one warrant, with each warrant exercisable at C$1.00 for 18 months. Each unit will consist of one common share and one warrant, with each warrant also exercisable at C$1.00 for 18 months.
The warrants may expire sooner if Eagle Plains Resources' shares trade at C$1.20 or higher for 10 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
The company may pay a 7% finder's fee for this deal, which is expected to settle on Dec. 14.
Proceeds from the deal will be used for exploration and 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 warrant; flow-through units of one flow-through common share and one warrant
|
| Total amount: | C$3.85 million
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.00
|
| Fees: | 7%
|
| Pricing date: | Nov. 21
|
| Settlement date: | Dec. 14
|
| Stock symbol: | TSX Venture: EPL
|
| Stock price: | C$0.70 at close Nov. 21
|
|
|
| Units
|
| Amount: | C$1.05 million
|
| Units: | 1.5 million
|
| Price: | C$0.70
|
|
|
| Flow-through units
|
| Amount: | C$2.8 million
|
| Units: | 3.5 million
|
| Price: | C$0.80
|
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