Eagle Plains Resources Ltd. Announces the Mailing and Filing of Its Management Information Circular to Approve an Arrangement with Eagle Royalties Ltd.

Rhea-AI Summary

Eagle Plains Resources Ltd. (TSXV:EPL) recently announced the mailing of its management information circular on March 17, 2023, ahead of a special securityholder meeting set for April 26, 2023. This meeting pertains to a capital reorganization plan that involves transferring a majority of its royalty interests to Eagle Royalties. The company has garnered significant backing, securing approximately 25% of common shares, 75% of options, and 44% of warrants in support of this Arrangement. The restructuring aims to enhance the valuation of Eagle Plains' royalty assets and focuses on advancing grassroots exploration properties in Western Canada.

Positive

• Received overwhelming support for the capital reorganization plan with about 25% of common shares and a majority of options and warrants backing the arrangement.
• The plan aims to enhance valuation and facilitate the marketing of diverse royalty assets through the newly formed Eagle Royalties.
• Eagle Plains has a strong history of delivering shareholder value, with over $100 million in value returned to shareholders through spin-outs.

Negative

• None.

CRANBROOK, BC / ACCESSWIRE / March 24, 2023 / Eagle Plains Resources Ltd. (TSXV:EPL) ("Eagle Plains") is pleased to announce the mailing of its management information circular dated March 17, 2023 (the "Circular") and related documents for the special meeting of Eagle Plains securityholders to be held at 9:00 a.m. (Mountain Time) on April 26, 2023. The meeting is being held in connection with the previously announced plan of arrangement under section 193 of the Business Corporations Act (Alberta), whereby Eagle Plains will undergo a capital reorganization and, through a series of transactions, will transfer a majority of its portfolio of royalty interests to Eagle Royalties (the "Arrangement").

Eagle Plains wishes to confirm that it has received overwhelming support for the Arrangement from multiple significant securityholders and along with the directors and officers of Eagle Plains, it has secured written support of approximately 27.7 million Eagle Plains common shares (which represents approximately 25% of the total issued and outstanding Eagle Plains common shares), 8.2 million Eagle Plains options (which represents approximately 75% of the total issued and outstanding Eagle Plains options) and 2.4 million Eagle Plains warrants (which represents approximately 44% of the total issued and outstanding Eagle Plains warrants).

Further details with respect to the Arrangement are included in the Circular, which can be found on Eagle Plains' profile on SEDAR at www.sedar.com.

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. Eagle Plains was formed in 1992 and is the ninth-oldest listed issuer on the TSXV (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. Eagle Plains is committed to steadily enhancing shareholder value by advancing its diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.

In late 2022 Eagle Plains announced the formation of a separate division within the Company: Eagle Royalties Ltd. ("ER") which will hold many of Eagle Plains' diverse portfolio of royalty assets. The restructuring will enhance the valuation of Eagle Plains' extensive royalty interests, enabling ER to market and develop its royalty assets while seeking additional royalty acquisition opportunities. Eagle Plains' royalties cover a broad spectrum of commodities on projects controlled by Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd. and Hecla Mining Co./Banyan Gold Corp., among others. Planning is underway to spin-out ER during Q2 of 2023 which will enable Eagle Plains to continue to focus on its core business model of acquiring and advancing grassroots critical- and precious-metal exploration properties.

Expenditures from 2011-2022 on Eagle Plains-related projects exceed $30M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 45,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development. Throughout the exploration process, Eagle Plains' 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

"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 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 source version on accesswire.com:
https://www.accesswire.com/745527/Eagle-Plains-Resources-Ltd-Announces-the-Mailing-and-Filing-of-Its-Management-Information-Circular-to-Approve-an-Arrangement-with-Eagle-Royalties-Ltd

FAQ

What is the significance of the management information circular mailed by Eagle Plains on March 17, 2023?

The circular outlines the details of a capital reorganization involving the transfer of royalty interests to Eagle Royalties, requiring securityholder approval.

When is the special meeting of Eagle Plains securityholders scheduled?

The special meeting is scheduled for April 26, 2023, at 9:00 a.m. Mountain Time.

How much support did Eagle Plains secure for its arrangement with Eagle Royalties?

Eagle Plains garnered support for approximately 27.7 million common shares, 8.2 million options, and 2.4 million warrants.

What does the capital reorganization plan aim to achieve for Eagle Plains?

The plan aims to enhance the valuation of Eagle Plains' royalty interests and enable further development of its assets.

What is the role of Eagle Royalties in Eagle Plains' future?

Eagle Royalties will hold and develop a majority of Eagle Plains' royalty assets, allowing for focused growth in this area.