Eaglecrest Announces Closing of Second Tranche of Private Placement
07 Février 2011 - 4:58PM
Marketwired
EAGLECREST EXPLORATIONS LTD. ("Eaglecrest"; the "Company") (TSX
VENTURE: EEL)(PINK SHEETS: ECRTF)(FRANKFURT: EAT) is pleased to
announce that it has closed the second and final tranche of the
non-brokered private placement described in its news release of
December 22, 2010. Gross proceeds from the two tranches totalled
$6,432,778.20.
The first tranche of 11,478,258 units closed on December 30,
2010. The second tranche closed on February 4, 2011. It consisted
of 9,964,336 units issued at $0.30 per unit, for gross proceeds of
$2,989,300.80. Each unit is comprised of one common share of the
Company and one warrant exercisable to purchase one additional
share of the Company for $0.45 for a period of 24 months from
closing; provided that if after the issuance of the warrants the
average closing trading price of the common shares of the Company
is $0.75 or higher for a period of 20 consecutive trading days, the
Company may issue a notice that the warrants must be exercised
within 21 days of the date of the notice or they will expire at the
end of that 21 day period.
Cash of $239,144.06 has been paid and 797,146 share purchase
warrants have been issued as finders' fees in connection with the
second tranche. In addition, the Company has issued 100,000 shares
and an additional 100,000 warrants to Canaccord Genuity Corp. as a
corporate finance fee. The finders' fee warrants are exercisable to
purchase one additional share of the Company for $0.45 for a period
of 24 months from closing. They are not subject to any acceleration
provision. The corporate finance warrants have the same exercise
terms as the private placement warrants.
All shares issued as part of the second tranche, the Corporate
Finance shares and all shares which are issued pursuant to the
exercise of warrants issued as part of the second tranche or as
finder's warrants, are subject to a hold period expiring on June 4,
2011.
About Eaglecrest
Eaglecrest Explorations Ltd. is systematically exploring
promising gold projects in Colombia and Bolivia. The management and
geologic teams at Eaglecrest are comprised of industry experts
involved in gold discoveries over the past three decades with both
junior and major mining companies. With this seasoned team and the
increased sentiment towards gold, Eaglecrest looks to accelerate
the capitalization of its Bolivian asset, while shifting focus to
securing interests in and initiating the exploration programs at
the Fredonia and Venecia projects, Colombia, south of Medellin.
On behalf of the Board of Directors,
Hans Rasmussen, President and Chief Executive Officer
If you would prefer to receive news releases via email please
contact Eaglecrest (eel.tsxv@telus.net) and specify "Eaglecrest
news" in the subject line.
Please visit the Company's website at
www.eaglecrestexplorations.com.
EAGLECREST EXPLORATIONS LTD.
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 604-684-7160 hans@eaglecrestexplorations.com
www.eaglecrestexplorations.com Progressive Investor Relations
Benjamin Curry 604-689-2881 ben@progressive-ir.com
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