Business
Eagle Plains Closes Fully-Subscribed Financing
CRANBROOK, BC / ACCESSWIRE / September 25, 2020 / Eagle Plains Resources Ltd. (TSX-V:EPL), (...
About this update from Eagle Plains Resources Ltd.
[{"type":"text","content":"Eagle Plains Closes Fully-Subscribed FinancingCRANBROOK, BC / ACCESSWIRE / September 25, 2020 / Eagle Plains Resources Ltd. (TSX-V:EPL), (\"the Company\") announces that the Company has closed a non-brokered private placement to arms-length and non-arms-length investors as announced on September 23rd, 2020. Eagle Plains has closed subscriptions for a total of 1,015,000 non-flow-through units at a price of $.16 CDN per unit for gross proceeds of $162,400 CDN. Each unit consists of a non-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 Company has also closed subscriptions for a total of 2,037,000 flow-through units at a price of $.18 CDN per unit for total proceeds of $366,660 CDN. Each flow-through unit consists 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 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.A 7% commission or finders fee may be paid to registered dealers or eligible arms-length third parties involved in the financing.Proceeds of the concurrent financings have raised a total of $529,060 CDN. Proceeds from the sale of units will be used to fund exploration of the company's various projects in British Columbia and Saskatchewan and for general working capital. Funds earmarked for exploration will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2020 taxation year.About Eagle Plains ResourcesBased in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collabora...