By Devika Patel
Knoxville, Tenn., Dec. 21 - Eagle Plains Resources Ltd. announced that it settled a non-brokered private placement of units, raising C$3.65 million. The deal priced for C$3.85 million on Nov. 21 and was revised to C$3.35 million on Nov. 30.
Eagle Plains sold 5,048,300 flow-through units for C$3,533,810 and 193,000 units for C$115,800.
The company planned to sell up to 3.5 million flow-through units at C$0.70 per share, lowered from C$0.80 per share, for C$2.45 million, and up to 1.5 million units at C$0.60 apiece, lowered from C$0.70 apiece, for C$900,000.
As previously reported, each flow-through unit consists of one flow-through common share and one warrant, with each warrant exercisable at C$1.00 for 18 months. Each unit consists 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 paid C$198,873 in finder's fees.
Proceeds 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
|
Amount: | C$3,649,610
|
Warrants: | One warrant per unit
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Warrant expiration: | 18 months
|
Warrant strike price: | C$1.00
|
Agent: | Non-brokered
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Fees: | C$198,873
|
Pricing date: | Nov. 21
|
Revised: | Nov. 30
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Settlement date: | Dec. 21
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Stock symbol: | TSX Venture: EPL
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Stock price: | C$0.70 at close Nov. 21
|
|
Units
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Amount: | C$115,800
|
Units: | 193,000
|
Price: | C$0.60
|
|
Flow-through units
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Amount: | C$3,533,810
|
Units: | 5,048,300
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Price: | C$0.70
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