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Junior miner up 21% on acquisition

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| June 28, 2013

Stockhouse Canadian Small and Micro-cap Stock Report for Friday, June 28, 2013 VANCOUVER (SHfn) –  

Eagle Hill Exploration (TSX: V.EAG) soared 21% to 8.5 cents on Friday after the mineral exploration and development company said that it had entered into a binding letter agreement to acquire the remaining 25% ownership along with all other interests in the mineral claims of the Windfall Lake property, a Quebec exploration project, from Noront Resources Ltd. (TSX: V.NOT).  

Eagle Hill will acquire all of Noront's remaining interest in the Windfall Lake property for consideration of $5 million in cash and 25 million common shares of Eagle Hill. Furthermore, the company has entered into financing agreements with Southern Arc Minerals Inc. (TSX: V.SA) and Dundee Corp. (TSX: T.DC.A) to provide a total of $12 million through two private placements of units.

Southern Arc will make an investment of $7.3 million and Dundee will increase its existing 18.8% ownership with an additional investment of $4.7 million by way of private placements of units at a price of $0.075 per unit. Upon completion of the transactions, Southern Arc and Dundee will each hold 26.2% of Eagle Hill. Windfall Lake presently hosts 538,000 ounces of gold at 10.1 grams per tonne gold in the indicated category and 822,000 ounces of gold at 8.8 grams per tonne gold in the inferred category.

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