Business
Eureka Resources Closes First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 29, 2017) - Eureka Resources Inc. ("Eu...
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[{"type":"text","content":"Eureka Resources Closes First Tranche of Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 29, 2017) - Eureka Resources Inc. (\"Eureka\" or the \"Company\") announced today that is has closed the first tranche of its non-brokered $175,000 private placement of 7,000,000 common shares (the \"Shares\"), at $0.025 per common share, previously announced November 27, 2017 (the \"Offering\"). Eureka placed 4,000,000 Shares in the first tranche of the Offering for gross proceeds of $100,000. In connection with closing the first tranche, the Company paid finder's fees of 7% cash totaling $4,550. Company insiders purchased 1,500,000 of the Shares in the first tranche of the Offering.All Shares issued in the Offering will be subject to a four-month hold period from the date of issuance under applicable Canadian Securities laws. For Shares issued in the first tranche of the Offering, the hold period will expire on April 29, 2018. The Company intends to allocate the net proceeds from the Offering (subject to the deduction of applicable finder's fees) as follows: Legal and accounting fees - $25,000; Regulatory fees - $10,000; General liabilities - $50,000;Office rent & communication expenses - $5,000; Transfer agent fees - $5,000; Annual General Meeting expenses - $5,000Accrued management and administrative fees - $25,000; Working capital - $50,000. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the Shares in the United States. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. ABOUT EUREKAEureka is a mineral exploration company based in Vancouver, British Columbia that has acquired projects with discovery potential in prospective areas of Canada and the United States. Eureka's mineral property assets include the 100%-owned FG Gold property located in the Cariboo Mining Division. Historical exploration has established a Measured and Indicated gold resource (376,000 ounces) at an average grade of 0.776 g/t gold, using a cut-off grade of 0....