Non-brokered deal raises proceeds for exploration on gold properties
By Devika Patel
Knoxville, Tenn., Nov. 19 - Eaglecrest Explorations Ltd. said it arranged a non-brokered private placement of units.
The company will raise C$6 million by selling 20 million units at C$0.30 apiece. The units each consist of one common share and one warrant, with each warrant exercisable at C$0.45 for two years. The strike price reflects an 18.42% premium to the Nov. 18 closing share price of C$0.38.
Proceeds will be used for an aggressive exploration program on the Fredonia and Venecia gold properties in Colombia, maintaining the San Simon project in Bolivia and general working capital. The majority of funds will be focused on Colombia, where the company plans to implement geology and geophysical data collection, followed by an aggressive drill campaign on selected targets in mid-2011.
Based in Vancouver, B.C., Eaglecrest is a gold exploration company.
Issuer: | Eaglecrest Explorations Ltd.
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Issue: | Units of one common share and one warrant
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Amount: | C$6 million
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Shares: | 20 million
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Price: | C$0.30
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.45
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Agent: | Non-brokered
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Pricing date: | Nov. 19
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Stock symbol: | TSX Venture: EEL
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Stock price: | C$0.38 at close Nov. 18
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Market capitalization: | C$20.05 million
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