By Laura Lutz
Washington, Dec. 18 - Eagle Plains Resources Ltd. closed an upsized private placement of units for C$3,133,810.
The company sold 2,577,125 flow-through units of one flow-through share and one non flow-through warrant at C$0.80 each and 1,649,400 non flow-through units of one non flow-through share and one non flow-through warrant at C$0.65 per unit.
Each whole warrant will be exercisable at C$1.00 for 18 months.
The deal priced on Nov. 10 as an offering of 2 million flow-through units and 800,000 non flow-through units on the same terms. On Nov. 15, it was upsized to a C$2.975 million sale of up to 2.5 million flow-through units and 800,000 non flow-through units.
The expiry of the warrants may be accelerated to 30 days if the closing price of the company's shares is at least C$1.20 for any 10 consecutive trading days.
Insiders of the company Tim J. Termuende, Charles C. Downie and David Johnston invested for 44,000 flow-through units, 6,250 flow-through units and 30,000 flow-through units, respectively.
Proceeds will be used for working capital and for exploration on the company's projects in British Columbia, Yukon and the Northwest Territories.
The placement was partially brokered and partially non-brokered.
Eagle Plains is a mineral exploration company based in Cranbrook, B.C.
| Issuer: | Eagle Plains Resources Ltd.
|
| Issue: | Units of one flow-through share and one non flow-through warrant and units of one non flow-through share and one non flow-through warrant
|
| Amount: | C$3,133,810
|
| Pricing date: | Nov. 10
|
| Amended: | Nov. 15
|
| Settlement date: | Dec. 18
|
| Stock symbol: | TSX Venture: EPL
|
| Stock price: | C$0.69 at close Nov. 10
|
| Stock price: | C$0.63 at close Nov. 15
|
| Stock price: | C$0.74 at close Dec. 15
|
|
|
| Flow-through units
|
| Units: | 2,577,125
|
| Price: | C$0.80
|
| Warrants: | One per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.00
|
|
|
| Non flow-through units
|
| Units: | 1,649,400
|
| Price: | C$0.65
|
| Warrants: | One per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.00
|
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