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Eagle Hill Exploration Corp Consolidates 100% Of The Windfall Lake Gold Deposit And Arranges $12 Million Private Placement; Southern Arc Minerals Inc To Hold 26.2% In Eagle Hill Exploration Corp


Friday, 28 Jun 2013 07:30am EDT 

Eagle Hill Exploration Corp announced that it has entered into a binding letter agreement to acquire the remaining 25% ownership along with all other interests in the mineral claims of the Windfall Lake Property from Noront Resources Ltd. Further, the Company has entered into financing agreements with Southern Arc Minerals Inc. and Dundee Corporation to provide a total of $12 million through two private placements of units. Pursuant to the Noront Transaction, Eagle Hill will acquire all of Noront's remaining interest in the Windfall Lake Property for consideration of $5 million in cash and 25 million common shares of Eagle Hill. Eagle Hill has also made a payment of $615,000 to Noront, leaving $4,385,000 to be paid upon completion of the Transactions. Concurrent with the Noront Transaction, Eagle Hill has entered into financing agreements with Southern Arc and Dundee pursuant to which Southern Arc will make an investment of $7.3 million and Dundee will increase its existing 18.8% ownership with an additional investment of $4.7 million by way of private placements of units at a price of $0.075 per Unit. Upon completion of the Transactions, Southern Arc and Dundee will each hold 26.2% of Eagle Hill. Each Unit consists of one common share and one half of one common share purchase warrant. Haywood Securities Inc. is acting as financial advisor to Eagle Hill with regard to the Transaction. 

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