Business
Eagle Plains Closes $890,000 Financing
CRANBROOK, BC / ACCESSWIRE / August 3, 2023 / Eagle Plains Resources Ltd. (TSXV:EPL), ("the Com...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains Closes $890,000 FinancingCRANBROOK, BC / ACCESSWIRE / August 3, 2023 / Eagle Plains Resources Ltd. (TSXV:EPL), (\"the Company\") announces that the Company has closed a non-brokered flow-through private placement to arms-length and non-arms-length investors as announced on July 20th, 2023. Each unit is priced at $.20 per unit, consisting of a flow-through common share and one-half non-flow-through common share purchase warrant, each whole warrant exercisable at $.30 CDN for a 24-month period (\"the Units\").As reported on July 21st, 2023 the Company closed a first tranche consisting of CDN $158,000 through the sale of 790,000 Units. Eagle Plains has now closed subscriptions for a total of CDN $888,300 through the sale of 4,441,500 Units.The common share purchase warrants are subject to an accelerated expiry at the option of the Company if the published closing trade price of the common shares on the TSX Venture Exchange is greater than or equal to $.50 for any 20 consecutive trading days, in which event the holder may be given notice that the warrants will expire 30 days following the date of such notice. The common share purchase warrants may be exercised by the holder during the 30 day period between the notice and the expiration of the common share purchase warrants.Finder's fees of $13,685 relating to the financing were paid to registered dealers or eligible arms-length third parties involved in the financing. Certain directors and insiders of the Company participated in the financing with the majority of subscribers being existing Eagle Plains security-holders.Proceeds from the sale of Units will be used to fund exploration of the Vulcan project and/or the company's various projects in British Columbia, Saskatchewan and Yukon. Flow-through funds will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2023 taxation year.Additional Financing Disclosure InformationCertain subscribers under the Offering are considered to be a \"related party\" of the Company, and have subscribed for an aggregate of 415,000 Units for gross proceeds of $83,000. Each subscription by a \"related party\" of the Company is considered to be a \"related party transaction\" for purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"...