EAG.V : TSX-V Last: 0.135 Vol: 136037 Change: -0.005 High: 0.14 Low: 0.135
EAG.V : TSX-V Last: 0.135 Vol: 136037 Change: -0.005 High: 0.14 Low: 0.135
Vancouver, British Columbia - January 11, 2012 (TSX.V: EAG) Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") is pleased to announce 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.
The Financing will be subject to TSX Venture Exchange and regulatory approval. Gross proceeds of the Financing will be used for further exploration and development of the Windfall Lake Property.
About the Windfall Lake Property
The Windfall Lake Property is comprised of 362 contiguous claims (over 12,000 hectares) in the Abitibi mineralized belt of northern Quebec. This area between Val-d'Or and Chibougamau is known for its gold and copper production and excellent infrastructure for exploration and mining. Historically, the Windfall Lake Property has had extensive historic grassroots exploration work. Along with its independently acquired claims at the Windfall Lake Property. Eagle Hill has signed options with Murgor Resources Inc., Cliffs Natural Resources Inc. (formerly, Freewest Resources Canada Inc.), and Noront Resources Inc. to acquire the Windfall Lake Property.
About Eagle Hill Exploration Corporation
Eagle Hill Exploration Corporation is a Canadian mineral exploration company focused on the exploration and development of gold and precious metal prospects. The Company is set to become an advanced stage gold and precious metals exploration company with its acquisition of the Windfall Lake high grade gold project, located in Urban Township, Quebec, between Val-D'Or and Chibougamau. Eagle Hill seeks projects that contain or have potential to have large resource potential. The Company's website at www.eaglehillexploration.com and public filings at www.sedar.com provide additional information on its properties and other information with respect to its management and operations.
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.
ON BEHALF OF THE BOARD,
"P. Bradley Kitchen"
P. Bradley Kitchen, President
For further information, please contact:
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David Matousek Eagle Hill Exploration Corporation Telephone: 604.697.5791 Email: info@eaglehillexploration.com Website: www.eaglehillexploration.com |
Nathalie Dion MI3 Communications Financières Inc. (Montréal) Telephone: 514.904.1333 Email: nathalie@mi3.ca Website: www.mi3.ca |
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although both companies have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
