Cranbrook,
BC; 30 November, 2007: Eagle Plains Resources
Ltd. (TSX-V:EPL) announces
that due to recent market forces, it will re-price a financing
as originally announced on November 21. The company intends to
complete a non-brokered private placement to arms-length and
non arms-length investors. Application will be filed with the
TSX Venture Exchange (TSX-V) to sell up to 3,500,000
Flow-through units at a price of $.70 CDN per unit, each unit
consisting of a flow-through common share and a
non-flow-through common share purchase warrant, each whole
warrant exercisable at $1.00 CDN for an 18-month period.
The
Company will also offer up to 1,500,000 non-flow-through units
at a price of $.60 CDN per unit, each unit consisting of a
non-flow-through common share and a non-flow-through common
share purchase warrant, each whole warrant exercisable at
$1.00 CDN for an 18 month period.
The
common share purchase warrants are subject to an accelerated
expiry if the published closing trade price of the common
shares on the TSX Venture Exchange is greater than or equal to
$1.20 for any 10 consecutive trading days, in which event the
holder will be given notice that the warrants will expire 30
days following the date of such notice. The common share
purchase warrants may be exercised by the holder during the 30
day period between the notice and the expiration of the common
share purchase warrants.
A 7%
commission or finders fee or will be paid to registered
dealers or arms-length agents involved in the financing. The
financing is expected to close on or before December 14th,
2007.
Maximum gross proceeds of the offering are expected to
be $3,350,000 CDN. The proceeds from the sale of the
shares will be used for general working capital and to finance
exploration of the company's various projects in British
Columbia, Yukon and NWT. These expenditures will qualify as
Canadian exploration expenses as defined in the Income Tax Act
and will be renounced for the 2007 taxation year.
Eagle
Plains Resources continues to conduct research, acquire and
explore metal projects in western Canada. The Company controls
over 35 gold, base-metal and uranium projects, many with third
parties including Teck Cominco Ltd (TSE:TCK),
Alexco Resource Corp.
(TSX:AXR;AMEX:AXU), Wellstar Energy
Corp. (TSX-V:WST), Blue Sky
Uranium Corp. (TSX-V:BSK), Blind Creek
Resources and Golden Cariboo Resources Inc.
(TSX-V:GCC). These agreements expose Eagle Plains to
over $20 million in exploration expenditures over the next
five years. In recent years, Eagle Plains has completed option
agreements with Billiton Metals, Rio Algom
Exploration, NovaGold Resources, Kennecott Exploration,
and numerous other junior exploration companies,
resulting in over 38,000m (125,000’) of drilling and over
$16,000,000 in exploration spending on its projects since
1998. During the 2006 season, EPL and its partners completed
over 7,000m (23,000’) of Diamond drilling on its properties.
On
behalf of the Board of Directors
Signed
“Tim J. Termuende”
President and CEO
For
further information, please contact Mike Labach
at
1
866 HUNT ORE (486 8673)
Email:
mgl@eagleplains.com
or visit our website at http://www.eagleplains.com
The
TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future
events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from
those currently anticipated in such
statements. |