Eagle Plains Announces Application to Extend Warrant Expiry

Rhea-AI Summary

Eagle Plains Resources Ltd. has applied to amend the term of 1,526,000 outstanding common share purchase warrants due to expire on September 25, 2022, seeking an extension to September 25, 2023. The warrants will continue to have an exercise price of 30 cents and an acceleration clause if the share price exceeds 50 cents for 20 consecutive trading days. Established in 1992, Eagle Plains is a project generator focused on mineral exploration in western Canada, with over $27M spent on projects from 2011-2021 and significant royalty interests in multiple resource projects.

Positive

• Extension of warrant expiry provides flexibility and potential for future capital raise.
• Company has a robust history of transferring value to shareholders, exceeding $100M through spin-outs.
• Significant investments in exploration projects ($27M from 2011-2021) demonstrate commitment to growth.

Negative

• Need for an extension indicates potential challenges in warrant exercise and market conditions.

CRANBROOK, BC / ACCESSWIRE / August 31, 2022 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") has made application to the TSX Venture Exchange for approval and acceptance to amend the term of 1,526,000 outstanding common share purchase warrants which were issued in connection with a non-brokered private placement closed on September 25^th, 2020 (see EPL news release dated September 25, 2020). The warrants have a current expiry date of September 25th, 2022.

The 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.

Eagle Plains has applied to extend the expiry date for an additional 12 months to a revised date of September 25, 2023. The exercise price and acceleration clause of the warrants will remain unchanged, at 30 cents per warrant.

About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (and one of only three that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin-outs has transferred over $100,000,000 in value directly to its shareholders, with Copper Canyon Resources and recently Taiga Gold being notable examples.

The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. Eagle Plains also holds significant royalty interests in western Canadian projects, covering a broad spectrum of commodities on projects controlled by Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd. and Alexco Resource Corp./Banyan Gold Corp., among many others. Management's focus is to advance its most promising exploration projects. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

Expenditures from 2011-2021 on Eagle Plains-related projects exceed $27M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 42,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

On behalf of the Board of Directors

"Tim J. Termuende"
President and CEO

For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at http://www.eagleplains.com

Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

SOURCE: Eagle Plains Resources Ltd.

View source version on accesswire.com:
https://www.accesswire.com/714121/Eagle-Plains-Announces-Application-to-Extend-Warrant-Expiry

FAQ

What is the new expiry date for Eagle Plains' warrants?

The new expiry date for the warrants is September 25, 2023.

What is the exercise price for the warrants of Eagle Plains?

The exercise price for the warrants remains unchanged at 30 cents.

Why did Eagle Plains request a warrant expiry extension?

Eagle Plains requested the extension to provide additional time for the warrants to be exercised under favorable market conditions.

How much has Eagle Plains spent on projects from 2011 to 2021?

Eagle Plains has spent over $27 million on its projects from 2011 to 2021.

What value has Eagle Plains transferred to shareholders through spin-outs?

Eagle Plains has transferred over $100 million in value to its shareholders through various spin-outs.