Eagle Plains Resources Ltd
Eagle Plains Arranges $315,000 Bought-Deal Financing
Thursday, August 8, 2019 4:05 PM
CRANBROOK, BC / ACCESSWIRE / August 8, 2019 / Eagle Plains Resources Ltd. (TSXV:EPL),(the ”Company”) announces that the Company intends to complete a non-brokered private placement to an arms-length institutional investor. Application will be filed with the TSX Venture Exchange (TSX-V) to sell 3,000,000 non-flow-through common shares at a price of $.105 CDN per share for gross proceeds of $315,000. The financing is expected to close by mid-August. No warrants, finder’s fees or commissions will be paid in association with the financing. Directors of the Company have approved an overallotment of up to 10% for shares offered in the financing.
Shares will be purchased by Zeta Resources Ltd. (“Zeta”), a closed-end investment company listed on the Australian Stock Exchange (“ASX”). Zeta is related to ICM Limited, a global asset management group with over $US 19B in assets.
Tristan Kingcott, Director of ICM’s Canadian subsidiary stated: “The investment aim of Zeta Resources is to maximise total returns for their shareholders by identifying and investing in resource assets and companies where the underlying value is not reflected in the market price. We believe Eagle Plains is a good example of such an undervaluation, and we are pleased to be new shareholders in the company.”
Tim Termuende, President and CEO of Eagle Plains stated recently: “We are happy to welcome Zeta and ICM as significant shareholders of Eagle Plains. We are proud of the confidence that Zeta has placed in both our project portfolio and management team and look forward to building a strong relationship while we continue to explore mining and mineral resource opportunities as we enter an emerging bull market in commodities.”
Proceeds from the sale of the shares will be used to fund research, acquisition and exploration of the company's various exploration projects in British Columbia, Saskatchewan and Yukon and for general working capital.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. Managements’ current focus is to preserve its treasury while advancing its most promising exploration projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Since 2012, Eagle Plains has added to its portfolio a number of new projects exceeding 130,000 ha targeting mainly gold, uranium and base-metals in Saskatchewan, a highly-prospective mining jurisdiction which was recently recognized by the Fraser Institute as the second best place in the world in terms of Investment Attractiveness. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
Expenditures from 2011-2018 on Eagle Plains-related projects exceed $20M, most of which was funded by third-party partners. This exploration work resulted in approximately 30,000 m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
For further information on EPL, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
Email: [email protected].com or visit our website at http://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.