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Eureka closes first tranche of private placement
Eureka closes first tranche of private placement Eureka closes first tranche of pr...
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[{"type":"text","content":"\n\n\n\nEureka closes first tranche of private placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nEureka closes first tranche of private placement\nCanada NewsWire\nVANCOUVER, April 29, 2016\n\n\n\n/NOT FOR DISSEMINATION TO THE US/\n\n\n\nVANCOUVER, April 29, 2016 /CNW/ - Eureka Resources Inc. (\"Eureka\" or the \"Company\") (TSXV: EUK) announced today that it has closed the first tranche of its non-brokered $400,000 private placement of 5,333,333 units (the \"Units\") at $0.075 per Unit (the \"Offering\"). Each Unit will consist of one common share (a \"Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to purchase one common share (a \"Warrant\" Share\") at $0.125 for a period expiring 24 months following the closing date of the Offering.\n\nEureka placed 2,693,666 Units in the first tranche of the Offering for gross proceeds of $202,025. In connection with closing the first tranche of the Offering, the Company paid finder's fees of 7% cash totaling $12,285 and issued 163,800 finder's warrants (each a \"Finder's Warrant\") representing 7% of the Units placed by the finders. Each Finder's Warrant will entitle the holder thereof to purchase a Unit in Eureka at $0.075 per Unit, exercisable for 24 months following issuance. \n\nAll share purchase warrants issued under the Offering, including those issued as finder's fees, will be subject to an acceleration clause which will cause the warrants, if unexercised, to expire on the date which is 30 days after the date that the volume weighted average trading price of the Company's common shares on the TSX Venture Exchange exceeds $0.25 per share over a period of 10 consecutive trading days.\n\nAll securities issued in the Offering will be subject to a four‐month hold period, during which time the securities may not be traded.  The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unles...