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Fri, January 23, 2009
Thu, January 22, 2009
Eagle Hill Exploration Corporation: Eagle Hill Closes Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2009) - Eagle Hill Exploration Corporation (TSX VENTURE:EAG) ("Eagle Hill" or the "Company") is pleased to announce, further to its news release dated December 9, 2008, that the Company completed yesterday its brokered private placement (the "Offering") of 4,000,000 common shares (each, a "Share") in the capital of the Company at a price of $0.065 per Share for aggregate gross proceeds of $260,000.
P. Bradley Kitchen, President of Eagle Hill states, "The Board of Directors is very pleased to have the continued strong support of Leede Financial Markets in completing this financing. The Company appreciates Leede's commitment to Eagle Hill, especially in the current economic climate. This infusion of funds puts Eagle Hill in a strong position to continue to build the Company and foster value for our shareholders."
The Company reserved the offering price by way of a price reservation form filed with the TSX Venture Exchange (the "Exchange") on October 30, 2008. The Shares issued pursuant to the Offering are subject to a hold period until May 22, 2009 in accordance with policies of the Exchange.
In connection with the Offering, the Company has paid the agent, Leede Financial Markets Inc. (the "Agent") an Agent's commission of $20,800 in cash equal to 8% of the $260,000 aggregate gross proceeds raised from the Offering subscribed for by the subscribers introduced to the Company by the Agent. In addition, the Company has granted 400,000 Agent's warrants (the "Agent's Warrant") equal to 10% of the Offering. Each Agent's Warrant entitles the Agent to purchase one additional Share in the capital of the Company at a price of CDN$0.065 per Share at any time until 5 p.m. (Vancouver time) on January 21, 2011. A corporate finance fee of $5,000 plus GST has also been paid to the Agent.
Insider Cale Thomas purchased 493,000 Shares and Pro Group participation by Wolverton Securities Ltd. for 100,000 Shares in this Offering. This Offering remains subject to Exchange approval. Upon receipt of such approval, the net proceeds of the Offering will be used as general working capital for the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
P. Bradley Kitchen, President and Director
Forward-Looking Information
This news release contains forward-looking information within the meaning of the British Columbia Securities Act and comparable legislation in other jurisdictions, relating, but not limited to Eagle Hill's expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.
Readers are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, of both a general and specific nature, that could cause actual results to differ materially from those suggested by the forward-looking information or contribute to the possibility that predictions, forecasts or projections will prove to be materially inaccurate. Eagle Hill does not undertake any obligation to update publicly or otherwise revise any information, including any forward-looking information, whether as a result of new information, future events or other factors that affect this information, except as required by law.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.