Eagle Plains Closes $890,000 Financing
CRANBROOK, BC / ACCESSWIRE / August 3, 2023 / Eagle Plains Resources Ltd. (TSXV:EPL), ("the Company") announces that the Company has closed a non-brokered flow-through private placement to arms-length and non-arms-length investors as announced on July 20th, 2023. Each unit is priced at $.20 per unit, consisting 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 Units").
As reported on July 21st, 2023 the Company closed a first tranche consisting of CDN
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.
Finder's fees of
Proceeds from the sale of Units will be used to fund exploration of the Vulcan project and/or the company's various projects in British Columbia, Saskatchewan and Yukon. Flow-through funds will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2023 taxation year.
Additional Financing Disclosure Information
Certain subscribers under the Offering are considered to be a "related party" of the Company, and have subscribed for an aggregate of 415,000 Units for gross proceeds of
Iron Range Option Agreement Amendment
Eagle Plains and its' partner (an arm's length private Alberta company), (the "Company"), have amended the Iron Range option agreement as announced May 5th, 2020. Under the revised terms, the Company's exclusive right to earn up to a
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.
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