By Devika Patel
Knoxville, Tenn., May 12 - Eaglecrest Explorations Ltd. said it took in C$2.32 million in the first tranche of a non-brokered private placement of units. The deal priced for C$6 million on March 16.
The company is selling 12 million units at C$0.50 apiece. It sold 5,638,000 units in the first tranche. The units each consist of one common share and one warrant, with each warrant exercisable at C$0.75 for two years.
Proceeds will be used for exploration and general working capital.
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: | 12 million
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Price: | C$0.50
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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$0.75
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Agent: | Non-brokered
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Pricing date: | March 16
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Settlement date: | May 12 (for C$2,319,000)
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Stock symbol: | TSX Venture: EEL
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Stock price: | C$0.55 at close March 15
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Market capitalization: | C$21 million
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