01:31:39 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Eureka Resources Inc
Symbol EUK
Shares Issued 20,047,239
Close 2016-04-29 C$ 0.12
Market Cap C$ 2,405,669
Recent Sedar Documents

Eureka closes $202,025 first tranche of placement

2016-04-29 23:21 ET - News Release

Mr. Michael Sweatman reports

EUREKA CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Eureka Resources Inc. has closed the first tranche of its non-brokered $400,000 private placement of 5,333,333 units at 7.5 cents per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at 12.5 cents for a period expiring 24 months following the closing date of the offering.

Eureka placed 2,693,666 units in the first tranche of the offering for gross proceeds of $202,025. In connection with closing the first tranche of the offering, the company paid finders' fees of 7 per cent in cash totalling $12,285 and issued 163,800 finders' warrants, representing 7 per cent of the units placed by the finders. Each finder's warrant will entitle the holder thereof to purchase a unit in Eureka at 7.5 cents per unit, exercisable for 24 months following issuance.

All share purchase warrants issued under the offering, including those issued as finders' fees, will be subject to an acceleration clause, which will cause the warrants, if unexercised, to expire on the date which is 30 days after the date that the volume-weighted average trading price of the company's common shares on the TSX Venture Exchange exceeds 25 cents per share over a period of 10 consecutive trading days.

All securities issued in the offering will be subject to a four-month hold period, during which time the securities may not be traded. The offering is subject to regulatory approval.

Proceeds from the offering will be used for exploration of the company's mineral properties and for working capital.

We seek Safe Harbor.

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