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Cranbrook,
BC;
21 November,
2007: Eagle
Plains Resources Ltd. (TSX-V:EPL) announces that it
intends to complete a brokered and non-brokered private
placement to arms-length and non arms-length investors.
Application will be filed with the TSX Venture Exchange
(TSX-V) to sell up to 3,500,000 Flow-through units at a price
of $.80 CDN per unit, each unit consisting of a flow-through
common share and a non-flow-through common share purchase
warrant, each whole warrant exercisable at $1.00 CDN for an 18-month
period.
The Company will
also offer up to 1,500,000 non-flow-through units at a price
of $.70 CDN per unit, each unit consisting of a
non-flow-through common share and a non-flow-through common
share purchase warrant, each whole warrant exercisable at
$1.00 CDN for an 18 month
period.
The common share
purchase warrants are subject to an accelerated expiry if the
published closing trade price of the common shares on the TSX
Venture Exchange is greater than or equal to $1.20 for any 10
consecutive trading days, in which event the holder will 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.
A 7% commission or
finders fee or will be paid to registered dealers or
arms-length agents involved in the financing. The financing is
expected to close on or before December 14th,
2007.
Maximum gross
proceeds of the offering are expected to be $3,850,000 CDN. The
proceeds from the sale of the shares will be used for general
working capital and to finance exploration of the company's
various projects in British
Columbia, Yukon and NWT. These
expenditures will qualify as Canadian exploration expenses as
defined in the Income Tax Act and will be renounced for the
2007 taxation year.
Eagle Plains
Resources continues to conduct research, acquire and explore
metal projects in western Canada. The Company
controls over 35 gold, base-metal and uranium projects, many
with third parties including Teck Cominco Ltd
(TSE:TCK), Alexco Resource Corp.
(TSX:AXR;AMEX:AXU), Wellstar Energy
Corp. (TSX-V:WST), Blue Sky
Uranium Corp. (TSX-V:BSK), Blind Creek
Resources and Golden Cariboo Resources
Inc. (TSX-V:GCC). These agreements
expose Eagle Plains to over $20 million in exploration expenditures over the next five years. In recent years, Eagle
Plains has completed option agreements with
Billiton Metals, Rio Algom
Exploration, NovaGold Resources, Kennecott Exploration,
and numerous other
junior exploration companies, resulting in over 38,000m
(125,000’) of drilling and over $16,000,000 in exploration
spending on its projects since 1998.
On behalf of the
Board of Directors
Signed
“Tim J. Termuende”
President and
CEO
For
further information, please contact Mike Labach
at
1
866 HUNT ORE (486 8673)
Email:
mgl@eagleplains.com
or visit our website at http://www.eagleplains.com
The
TSX Venture Exchange has not reviewed and does not accept
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. |