Property-Asset or Share Purchase Agreement:
The TSX Venture Exchange Inc. (the "Exchange") has accepted for filing a binding letter of intent dated June 26, 2013 (the "Agreement") among Eagle Hill Exploration Corporation ("Eagle Hill"), Noront Resources Ltd. ("Noront") and Southern Arc Minerals Inc. ("Southern Arc"). Under the Agreement, Eagle Hill acquired the remaining 25% ownership interest along with all other interests and rights to the mineral claims comprising the Windfall Lake Property (the "Property") from Noront (the "Noront Acquisition"). Upon closing of the Noront Acquisition Eagle Hill owns 100% of the Windfall Lake Property, subject to routine post-closing transfer obligations of the parties. In addition, Eagle Hill has completed a private placement financing with Southern Arc and Dundee Corporation raising gross proceeds of $12,000,000 (see "Private Placement - Non-Brokered" below).
As consideration for the Noront Acquisition, Eagle Hill paid Noront a total of $5,000,000 in cash and issued 25,000,000 common shares of Eagle Hill to Noront. Noront will not retain any net smelter royalty or further rights with respect to the Property.
For further information please see the news release dated August 15, 2013 which is available under the Eagle Hill profile on SEDAR.
Private Placement - Non-Brokered:
The Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced June 28, 2013 and completed on August 14, 2013:
| Number of Shares: |
160,000,000 common shares |
| |
|
| Purchase Price: |
$0.075 per common share |
| |
|
| Warrants: |
80,000,000 share purchase warrants to purchase 80,000,000 common shares |
| |
|
| Warrant Exercise Price: |
$0.10 for a four year period |
| |
|
| Number of Placees: |
2 placees |
| |
|
| Insider / Pro Group Participation: |
|
|
| |
|
|
| |
Insider=Y / |
|
| Name |
ProGroup=P |
# of Shares |
| |
|
|
| Southern Arc Minerals Ltd. |
Y |
97,654,000 |
| Dundee Corporation |
Y |
62,346,000 |
| |
|
|
| Finder's Fee: |
$180,000 payable to Haywood Securities Inc. as financial advisor, with
1,600,000 units consisting of 1,600,000 common shares and 800,000
warrants exercisable at $0.10 for one year |
| |
|
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company issued a news release announcing the closing of the Noront Acquisition and the private placement on August 15, 2013.
