Key Developments: Eagle Hill Exploration Corp (EAG.V)
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Latest Key Developments (Source: Significant Developments)
Noront Resources Ltd Announces Agreement To Extend Windfall Lake Option Agreement With Eagle Hill Exploration Corp.
Noront Resources Ltd announced that an agreement (the Amending Agreement) has been signed between the Company and Eagle Hill Exploration Corp. (EAG) to amend certain provisions of the option agreement entered into between the parties on July 20, 2009 (the Option Agreement) in regards to the Windfall Lake Property (the Project). In accordance with the Option Agreement, EAG earned a 75% interest in the Project and the Company retains a 25% interest subject to the provisions of the Option Agreement. Upon earning 75% interest under the Option Agreement, EAG was required to deliver either a bankable feasibility study (providing for a minimum internal rate of return of 15%) or commit to cause the commencement of commercial production (the Delivery Requirement) by April 20, 2013. If EAG does not complete a bankable feasibility study or take the project to production by April 20, 2013, then the Company has the option to purchase back the 75% of the Project from EAG for the lesser of an amount equal to the expenses incurred by EAG and $6 million (the Buy-Back Provisions). Full Article
Eagle Hill Exploration Corp Announces Flow-Through Financing
Eagle Hill Exploration Corp announced a private placement (the "Financing") with Laurentian Bank Securities acting as lead agent (the "Agent"). The total gross proceeds under the Financing will be up to CAD2.0 million of flow-Through shares (the "Flow-Through Shares") at a price of CAD0.185 per Quebec Flow-through Share (the "QFT Price") and at a price of CAD0.17 per National Flow-Through Share (the NFT Price). The Company has also granted the Agent an over-allotment option to raise additional gross proceeds of CAD1.0 million. The Financing will be subject to TSX Ventures Exchange and regulatory approval. Proceeds of the Financing will be used for further exploration and development of the Windfall Lake Property. Full Article
Eagle Hill Exploration Corp Announces Close of Financing
Eagle Hill Exploration Corp announced the closing of the previously announced Institutional financing led by Laurentian Bank Securities Inc.. The transaction involved the issuance of Quebec Flow-Through common shares and National Flow-Through common shares on a private placement basis. The Company raised a total of $3,338,000 consisting of 10,563,235 common shares issued on a National flow-through basis at $0.17 per share for proceeds of $1.796 million and also issued 8,336,918 common shares on a Quebec flow-through basis at $0.185 per share for proceeds of $1.542 million. The Company will pay the Agent a cash fee equal to 7% of the gross proceeds raised in connection with the financing. In addition, the Agents will receive agent's warrants equal to 7% of the Shares issued (the Agent's Warrants). Each Agent's Warrant allows the Agent to acquire one common share of Eagle Hill at a purchase price of C$0.175 per share exercisable for 18 months after the closing date. Full Article
Eagle Hill Exploration Corp Announces Flow-Through Financing
Eagle Hill Exploration Corp announced a private placement (the Financing) with Laurentian Bank Securities acting as lead agent (the Agent). The total gross proceeds under the Financing will be up to CAD3.0 million of flow-through shares (the Flow-Through Shares) at a price of CAD0.185 per Quebec Flow-through Share (the QFT Price) and at a price of CAD0.17 per National Flow-Through Share (the NFT Price). The Company will pay the Agent a cash fee equal to 7% of the gross proceeds raised in connection with the Financing. In addition, the Agents will receive agent's warrants equal to 7% of the Shares issued (the Agent's Warrants). Each Agent's Warrant allows the Agent to acquire one common share of Eagle Hill for a purchase price of CAD0.175 per share exercisable for 18 months after the closing date. Full Article
Eagle Hill Exploration Corp Closes $300,020 Financing-Canada Stockwatch News
Canada Stockwatch News reported that Eagle Hill Exploration Corp. has closed its financing with SIDEX Ltd. Partnership, La Societe de Developpement de la Baie-James (SDBJ) and Cree Mineral Exploration Board (CMEB) for gross proceeds of $300,020. The Company has issued 2,142,999 units at a purchase price of $0.14, with each unit consisting of one common share and one full warrant, exercisable at a price of $0.20 for a period of one year after the closing of the offering. This warrant contains an acceleration clause requiring the placees to exercise the warrants should the Company's shares trade at or above $0.30 for a period of 20 consecutive trading days. Proceeds of the offering will be used for further exploration and development of the Windfall Lake property. The offering is subject to certain conditions, including but not limited to the receipt of all necessary approvals including the final approval of the TSX Venture Exchange. Full Article
Dundee Corp. Acquires Interest In Eagle Hill Exploration Corporation
Dundee Corp. announced that it has acquired by private agreement 29,500,000 common shares of Eagle Hill Exploration Corporation (Eagle Hill) at a price of $0.10 per Common Share. These holdings represent an approximate 19% ownership interest in Eagle Hill on an undiluted basis. Full Article
Eagle Hill Exploration Corp Closes $7.2 Million Financing
Eagle Hill Exploration Corp announced the closing of the previously announced brokered structured flow through financing led by IBK Capital Corp. and arranged by Oberon Capital Corporation. The transaction structure involved the issuance of flow through common shares, their donation to charity and subsequent resale by charities to institutional and accredited investors. The Company issued 43,636,364 common shares on a structured flow through private placement basis at $0.165 per share for proceeds of $7.2 million. Dundee Corporation has subsequently purchased 29.5 million common shares at $0.10 per share for a 19% ownership stake in the Company on a partially diluted basis. Eagle Hill paid a cash commission of 7% of the funds raised and issued 3,054,545 broker warrants equal to 7% of the shares sold in connection with the financing. The broker warrants have an exercise price of $0.165 per share and expire in two years. Full Article
Eagle Hill Exploration Corp Announces Flow-Through Financing
Eagle Hill Exploration Corp announced a private placement financing (the Financing). The total issuance under the Financing will be up to 36,363,636 flow-through shares at $0.165 per flow-through share (the Shares), for gross proceeds of up to $6,000,000. IBK Capital Corp. is acting as lead agent (the Agent) on a best efforts basis. The Company will pay the Agent a cash fee equal to 7% of the gross proceeds raised in connection with the Financing. In addition, the Agent will receive agent compensation warrants equal to 7% of the Shares issued (the Agent's Warrants). Each Agent's Warrant allows the Agent to acquire one common share of Eagle Hill for a purchase price of $0.165 per share exercisable for 24 months after the closing date. Full Article
Eagle Hill Exploration Corp Hill Purchases Remaining Interest of Windfall East from Murgor Resources Inc.
Eagle Hill Exploration Corp announced that by way of a purchase agreement dated August 2, 2011 (the Agreement), it has purchased the remaining 50% interest of the Urban-Barry claims that collectively make up Windfall Lake East, a property adjacent to Eagle Hill Exploration's Windfall Lake Property, from Murgor Resources Inc. (Murgor). Under the terms of the Agreement, Eagle Hill Exploration will make a cash payment of $5,000 and issue 200,000 common shares as consideration to Murgor, upon receipt of approval from the TSX Venture Exchange (the Exchange). This is a non-arm's length transaction by way of a common director. Full Article
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