Eaglecrest Announces a Non-Brokered Private Placement of Up to C$6 Million Dollars
19 Noviembre 2010 - 8:31AM
Marketwired
EAGLECREST EXPLORATIONS LTD. (TSX VENTURE: EEL)(PINK SHEETS:
ECRTF)(FRANKFURT: EAT) announced today a non-brokered private
placement of up to 20,000,000 units at a price of C$0.30 per unit
for a gross proceeds of up to C$6,000,000.00.
Each Unit is comprised of one common share ("Common Share") and
one Common Share purchase Warrant ("Warrant"). Each Warrant
entitles the holder to purchase one Common Share at a price of
C$0.45 per share for a period of 24 months from the date the
Warrants are issued, or, if after the issuance of the Warrants the
average closing trading price of the Common Shares is C$0.75 or
higher for a period of 20 consecutive trading days, the Company may
issue a notice to have the warrants exercised within 21 days of the
date of the notice or expire at the end of that 21 day period.
Finders will receive a finder's fee up to 7% of the gross
proceeds of the Private Placement. They will also be issued
non-transferable finder's warrants ("Finder's Warrants") to
purchase Common Shares in numbers equal to 7% of the Units sold
under the Private Placement as a result of the finder's
introductions. The Finder's Warrants will have the same term,
exercise price and other conditions as the Warrants. All Common
Shares issued pursuant to the private placement, and any Common
Shares issued on exercise of any Warrants or Finders' Warrants
within four months after Closing, will be subject to resale
restrictions in Canada for a period of four months after
Closing.
The proceeds from the Private Placement will be used for an
aggressive exploration program on the Fredonia and Venecia gold
properties in Colombia, for maintaining the San Simon project in
Bolivia, and for general working capital purposes. The majority of
funds will be focused on Colombia where geology and geophysical
data collection will be implemented initially, followed by an
aggressive drill campaign on selected targets in mid-2011.
Completion of the Private Placement is subject to acceptance by
applicable securities regulatory authorities including the TSX
Venture Exchange.
Hans Rasmussen, Eaglecrest President and CEO, will be attending
the San Francisco Hard Assets Investment Conference on November
21st and 22nd. If any interested parties would like to meet with
Hans to discuss the Company's projects or this placement, please
send an email or call as per contact information noted below.
About Eaglecrest
Eaglecrest Explorations Ltd. is systematically exploring,
developing and monetizing promising gold projects in Colombia and
Bolivia.
The management and geologic teams at Eaglecrest are comprised of
industry experts experienced with gold discoveries over the past
three decades while working with both junior and major mining
companies. With this team and the increased sentiment towards gold,
Eaglecrest looks to accelerate the capitalization of its Bolivian
asset, shifting its focus to securing interests in, and initiating
the anticipated exploration programs at the Fredonia and Venecia
projects, Colombia, located south of Medellin.
If you would prefer to receive news releases via email please
contact Jennie Guay (jennie@chfir.com) and specify "Eaglecrest
news" in the subject line.
This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the TSX-Venture
Exchange, the British Columbia Securities Commission and the US
Securities and Exchange Commission.
Neither the TSX Venture nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: Eaglecrest Explorations Ltd. Hans Rasmussen President
and CEO 801-554-2074 hans@eaglecrestexplorations.com
www.eaglecrestexplorations.com CHF Investor Relations Jeanny So
Director of Operations 416-868-1079 x 225 jeanny@chfir.com
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