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Re: War Eagle Mining News Release - Thursday, July 22, 2010
War Eagle Mining Closes 2nd Tranche of Private
Placement
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Vancouver, British Columbia - July 22, 2010 - War Eagle Mining Company
Inc. (TSXV - WAR) ("War Eagle" or the "Company") has closed the second
tranche of its non-brokered private placement previously announced on
June 17, 2010. In connection with the second tranche, the Company
issued 4,008,334 units at a price of $0.06 per unit for gross proceeds
of $240,500. The Company has raised total cumulative gross proceeds of
$815,000 and has issued 13,585,002 common shares in connection with
this private placement.
Each unit of the private placement consists of one common share of War
Eagle and one-half of one common share purchase warrant exercisable at
$0.15 for a period of 18 months, subject to acceleration of the
exercise period in certain circumstances. If the closing price of the
Company's common shares is $0.30 or more for 20 consecutive trading
days on the TSX Venture Exchange, or an equivalent stock exchange, (the
"Accelerating Event") the exercise period of the warrants may be
reduced to expire on the date that is 30 days following the Company's
notice to the warrantholders of the Accelerating Event.
The Company paid aggregate finder's fees in connection with the private
placement of $20,088 in cash and issued 348,133 finder's warrants,
which have the same terms as the financing warrants, except they are
non-transferable. All securities issued pursuant to the private
placement are subject to a four month and one day hold period. War
Eagle used the net proceeds of the second tranche to fund its
investment in Andromeda Resources Inc. as described in the Company's
June 30, 2010 and July 14, 2010 news releases.
About War Eagle
War Eagle Mining Company Inc. is an experienced mineral exploration
company publicly traded since 1987 and listed on the TSX Venture
Exchange under the symbol WAR. The Company is in the exploration phase
of the Tres Marias zinc-lead project in Mexico. Tres Marias is a former
producing high-grade zinc and germanium mine that first produced ore in
1949.
For additional information please contact:
War Eagle Mining Company Inc.
Simon Anderson, President
604-681-7010
Email: info@wareaglemining.com
Website: www.wareaglemining.com
This news release was prepared by management of War Eagle, which takes
full responsibility for its contents. 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.
Legal Notice Regarding Forward Looking Statements
This disclosure contains certain forward-looking statements that
involve substantial known and unknown risks and uncertainties, certain
of which are beyond the Company's control including: the impact of
general economic conditions in the areas in which the Company operates,
industry conditions, changes in laws and regulations including the
adoption of new environmental laws and regulations and changes in how
they are interpreted and enforced, increased competition, the lack of
availability of qualified personnel or management, fluctuations in
commodity prices, foreign exchange or interest rates, stock market
volatility and obtaining required approvals of regulatory authorities.
In addition there are risks and uncertainties associated with mining
operations, therefore the Company's future results, performance or
achievements could differ materially from those expressed in these
forward-looking statements will transpire. All statements included in
this press release that address activities, events or developments that
the Company expects, believes or anticipates will or may occur in the
future are forward-looking statements. These statements include
references to a future drill program and related plans. These
statements are based on assumptions made by the company based on its
experience, perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in the circumstances.
If you wish to be taken off the email list to receive further news and
updates from War Eagle Mining, please reply back to this email with
the word "remove" in the subject line, thanks.
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Copyright (c) 2010 WAR EAGLE MINING COMPANY INC. (WAR) All rights
reserved. For more information visit our website at
http://www.wareaglemining.com/ or send
mailto:news@sweetwatercapital.net
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War Eagle Mining Company Inc.
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EXPLORATION STAGE |
CODE : WAR.V |
ISIN : CA9339013083 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
War Eagle Mining is a silver and gold producing company based in Canada. War Eagle Mining holds various exploration projects in Mexico. Its main exploration properties are MAC and GEORGE'S LAKE in Canada and TRES MARIAS in Mexico. War Eagle Mining is listed in Canada and in United States of America. Its market capitalisation is CA$ 989 562 as of today (US$ 791 207, € 725 568). Its stock quote reached its highest recent level on March 05, 2010 at CA$ 2.60, and its lowest recent point on August 12, 2016 at CA$ 0.01. War Eagle Mining has 21 990 276 shares outstanding. |