More from Eagle's NR that applies to NOT.......
Eagle Hill has also signed a binding letter agreement with Noront Resources Ltd. whereby Eagle Hill will use part of the placement proceeds to acquire Noront's 25% interest in the Windfall Lake Property as well as its existing royalties and other rights over the project. Eagle Hill will then hold 100% ownership of the Windfall Lake Gold Deposit. Eagle Hill will also acquire Noront's 50% of an adjoining property known as the "29 Claims". In addition, Eagle Hill has option agreements with Murgor Resources Inc. and Cliffs Natural Resources Inc. (formerly, Freewest Resources Canada Inc.) to earn an interest in other contiguous mining claims surrounding the Windfall Lake Gold Deposit, bringing the potential total landholding of the Windfall Lake Property to 12,400 hectares.
Pursuant to the agreement, Eagle Hill will pay $5 million in cash and issue 25 million common shares of Eagle Hill to acquire Noront's remaining 25% interest in the Windfall Lake Property. The acquisition of the remaining interest from Noront will complete concurrently with closing of the strategic investment by Southern Arc and Dundee in Eagle Hill.
("Southern Arc" or "the Company") is pleased to announce that it has entered into a strategic investment agreement with Eagle Hill Exploration Corporation ("Eagle Hill"), (TSX VENTURE:EAG) pursuant to which Southern Arc will acquire a 26.2% interest in Eagle Hill. Under the agreement with Eagle Hill, Southern Arc will invest $7.3 million to acquire 97,333,333 units of Eagle Hill by way of private placement at a price of $0.075 per share. Each unit comprises a common share of Eagle Hill and a half share purchase warrant, with each whole warrant entitling the holder to acquire a further common share of Eagle Hill at a price of $0.10 for a period of four years.
Dundee Corporation (TSX:DC.A) ("Dundee") will also participate in the private placement by investing $4.7 million to acquire 62,666,667 units of Eagle Hill, thereby increasing its ownership of Eagle Hill from 18.8% to 26.2%.
