Eagle Plains Announces Conditional Approval of Warrant Expiry Extension

Rhea-AI Summary

Eagle Plains has received conditional approval from the TSX Venture Exchange to extend the expiry date of 3,785,529 common share purchase warrants.

These warrants, initially set to expire on July 11, 2024, are now extended to July 11, 2025. The warrants were issued in connection with a non-brokered private placement completed in July 2022.

The exercise price remains at 25 cents per warrant, and the acceleration clause triggering an early expiry if the share price reaches or exceeds 50 cents for 20 consecutive trading days remains unchanged.

Positive

• Conditional approval to extend the expiry date of 3,785,529 warrants.
• Extended expiry date offers warrant holders more time to exercise their options.
• Warrant terms, including exercise price and acceleration clause, remain unchanged.

Negative

• None.

CRANBROOK, BC / ACCESSWIRE / June 25, 2024 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") has received conditional approval from the TSX Venture Exchange to amend the term of 3,785,529 outstanding common share purchase warrants which were issued in connection with a non-brokered private placement completed in July 2022, (see EPL news release dated July 11th, 2022). The warrants have a current expiry date of July 11th, 2024.

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 July 11th, 2025. The exercise price and acceleration clause of the warrants will remain unchanged, at 25 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, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.

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 Taiga Gold Corp. being notable examples. Eagle Plains latest spinout; Eagle Royalties Ltd. (CSE:"ER") was listed on May 24, 2023, and holds a diverse portfolio of royalty assets throughout western Canada.

Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. 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.

Expenditures from 2010-2023 on Eagle Plains-related projects exceed $38M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 50,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

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.

On behalf of the Board of Directors of Eagle Plains

"C.C. (Chuck) Downie, P.Geo"
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 https://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 the original press release on accesswire.com

FAQ

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

The new expiry date for Eagle Plains' warrants is July 11, 2025.

What was the initial expiry date for Eagle Plains' (EGPLF) warrants issued in July 2022?

The initial expiry date for Eagle Plains' warrants was July 11, 2024.

What is the exercise price for Eagle Plains' (EGPLF) warrants?

The exercise price for Eagle Plains' warrants is 25 cents per warrant.

What is the acceleration clause for Eagle Plains' (EGPLF) warrants?

The warrants can expire early if the share price reaches or exceeds 50 cents for 20 consecutive trading days.