By Devika Patel
Knoxville, Tenn., July 21 - Eagle Plains Resources Ltd. announced that it plans to raise up to C$1.65 million in a private placement of units.
The company will sell up to 1 million flow-through common units at C$0.25 per unit for C$250,000 and up to 7 million units at C$0.20 apiece for C$1.4 million.
Each flow-through unit will consist of one flow-through common share and one warrant. Each unit will consist of one common share and one half-share warrant.
Each whole warrants will be exercisable at C$0.30 for two years.
The warrants may expire sooner if Eagle Plains Resources' shares trade at C$0.50 or higher for 10 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
Proceeds from the deal, which is expected to settle in August, will be used to finance production activity at the Yellowjacket Gold Project, exploration of the company's various projects and for 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 half-share warrant; flow-through units of one flow-through common share and one warrant
|
| Amount: | C$1.65 million
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Pricing date: | July 21
|
| Stock symbol: | TSX Venture: EPL
|
| Stock price: | C$0.21 at close July 21
|
| Market capitalization: | C$13.3 million
|
|
|
| Units
|
| Amount: | C$1.4 million
|
| Units: | 7 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
|
|
| Flow-through units
|
| Amount: | C$250,000
|
| Units: | 1 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
