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Post by Franko10 ™ on Aug 3, 2005 18:31:25 GMT -5
War Eagle Mining Company Inc.: Closing of Private Placement (bwire)
VANCOUVER, British Columbia (Business Wire) -- War Eagle Mining Company Inc. (TSX VENTURE:WAR) War Eagle Mining Company Inc. (the "Company") announces that it has closed a brokered private placement through Union Securities Ltd. (the "Agent") of 3,079,000 units at a price of $0.35 per unit, each unit consisting of one common share of the Company and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company for a period of 18 months at a price of $0.45 per share for the first 12 months and at a price of $0.55 per share for remainder of the exercise period. The brokered private placement closed in two tranches of 2,979,000 units and 100,000 units, respectively.
The Company paid the Agent a commission of $107,765 cash ($104,265 for the first tranche and $3,500 for the second tranche) and issued 307,900 broker's warrants (297,900 warrants for the first tranche and 10,000 warrants for the second tranche), being 10% of the gross proceeds raised in the offering. The broker's warrant is exercisable into 307,900 common shares of the Company and is exercisable for a period of 18 months at a price of $0.45 per share for the first 12 months and at a price of $0.55 per share thereafter.
The shares and any shares issued on the exercise of the warrants and broker's warrants are subject to hold periods expiring on November 13, 2005 for closing of the first tranche of 2,979,000 units and November 29, 2005 for closing of the second tranche of 100,000 units.
The proceeds of the private placement will be used towards mine development and the exploration program at the Tres Marias Zinc-Germanium project in Chihuahua, Mexico and for general working capital.
Terence F. Schorn, P. Geo, President
War Eagle Mining Company Inc.
CUSIP. No. 933901209
¶ The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
War Eagle Mining Company Inc. (TSX VENTURE:WAR)
War Eagle Mining Company Inc.
Bob Faris
Vice President, Corporate Development
1-800-877-1626 or (604) 606-7973
www.wareaglemining.com
VANCOUVER, British Columbia (Business Wire) -- War Eagle Mining Company Inc. (TSX VENTURE:WAR) War Eagle Mining Company Inc. (the "Company") announces that it has closed a brokered private placement through Union Securities Ltd. (the "Agent") of 3,079,000 units at a price of $0.35 per unit, each unit consisting of one common share of the Company and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company for a period of 18 months at a price of $0.45 per share for the first 12 months and at a price of $0.55 per share for remainder of the exercise period. The brokered private placement closed in two tranches of 2,979,000 units and 100,000 units, respectively.
The Company paid the Agent a commission of $107,765 cash ($104,265 for the first tranche and $3,500 for the second tranche) and issued 307,900 broker's warrants (297,900 warrants for the first tranche and 10,000 warrants for the second tranche), being 10% of the gross proceeds raised in the offering. The broker's warrant is exercisable into 307,900 common shares of the Company and is exercisable for a period of 18 months at a price of $0.45 per share for the first 12 months and at a price of $0.55 per share thereafter.
The shares and any shares issued on the exercise of the warrants and broker's warrants are subject to hold periods expiring on November 13, 2005 for closing of the first tranche of 2,979,000 units and November 29, 2005 for closing of the second tranche of 100,000 units.
The proceeds of the private placement will be used towards mine development and the exploration program at the Tres Marias Zinc-Germanium project in Chihuahua, Mexico and for general working capital.
Terence F. Schorn, P. Geo, President
War Eagle Mining Company Inc.
CUSIP. No. 933901209
¶ The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
War Eagle Mining Company Inc. (TSX VENTURE:WAR)
War Eagle Mining Company Inc.
Bob Faris
Vice President, Corporate Development
1-800-877-1626 or (604) 606-7973
www.wareaglemining.com
