Eagle Bay Resources Completes Private Placement for $755,000

Eagle Bay Resources Corp announced the completion of a non-brokered private placement, raising $755,000 through the distribution of 7,550,000 units at $0.10 each. These funds are slated for property exploration and general capital needs. Each unit includes a common share and a warrant, the latter permitting additional share purchases at $0.15 over two years.

The offering includes a four-month holding period for the securities issued, abiding by applicable laws. Notably, the placement involved purchases by directors, officers, and a controlling party of the company, qualifying as a related-party transaction. The transaction adheres to exemptions specific to transactions not exceeding $2,500,000, as regulated by Canadian securities provisions.

This significant financial maneuver aims to bolster Eagle Bay's exploration capabilities and stabilize its working capital, ensuring sustained growth and operational success in its sector.