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Eagle Hill Arranges $3,000,000 Financing

marketwire.com - May 12, 2010


Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") (TSX VENTURE: EAG) has entered into an agreement with IBK Capital Corp. as lead agent in an investment dealer syndicate which will include Laurentian Bank Securities Inc. and Industrial Alliance Securities Inc., collectively the Agents, pursuant to which the Agents have agreed to act on behalf of Eagle Hill in connection with a proposed best-efforts private placement offering (the "Offering") of up to 6,000,000 flow-through units at a price of $.25 per flow-through unit (the "FT Units") and 7,500,000 non-flow through units at a price of $0.20 per unit (the " NFT Units"), for gross proceeds of up to $3-million, with a green shoe of up to $750,000 for the NFT Units.

Each FT Unit will consist of one common share of Eagle Hill and one-half of one common share purchase warrant, with each warrant entitling the holder thereof to purchase a common share at an exercise price of $0.30 for a period of one year after the closing of the Offering. Each NFT Unit will consist of one common share of Eagle Hill and one common share purchase warrant, with each warrant entitling the holder thereof to purchase a common share at an exercise price of $0.30 for a period of one year after the closing of the Offering.

The Company will pay the Agents a cash fee equal to 6% of the gross proceeds raised in connection with the Arrangement. In addition, the Agents will receive warrants equal to 10% of the number of the FT and NFT Units subscribed for, exercisable for four years for exercise prices of $0.25 for FT Units sold and $0.20 cents for NFT Units sold.

Proceeds of the offering will be used for further exploration and development of the Windfall Lake property, and for general working capital purposes.

The Offering is subject to certain conditions, including but not limited to the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

About the Windfall Lake Property

The Windfall Lake Property is comprised of 362 contiguous claims (over 12,000 hectares) in the Abitibi mineralized belt of northern Quebec. This area between Val d'Or and Chibougamau is known for its gold and copper production and excellent infrastructure for exploration and mining. Historically, the Windfall Lake Property has had extensive historic grassroots exploration work. Eagle Hill has signed options with Murgor Resources Inc., Freewest Resources Canada Inc., and Noront Resources Inc. to acquire the Windfall Lake Property.

About Eagle Hill Exploration Corporation

Eagle Hill Exploration Corporation is a Canadian mineral exploration company focused on the exploration and development of gold and precious metal prospects. The Company is set to become an advanced stage gold and precious metal exploration company with its acquisition of the Windfall Lake high grade gold project, located in Urban Township, Quebec, between Val D'or and Chibougamau. Eagle Hill seeks projects that contain or have potential to have large resource potential. The Company's website at www.eaglehillexploration.com and public filings at www.sedar.com provide additional information on its properties and other information with respect to its management and operations.


P. Bradley Kitchen, President

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Eagle Hill Exploration Corporation (Vancouver)
Brad Kitchen

Investor Cubed Inc. (Toronto)
Neil Simon
647.258.3310 or Toll Free: 1.888.258.3323

MI3 Communications Financieres Inc. (Montreal)
Nathalie Dion

Read Full Article from marketwire.com

- Posted: 2010-05-18 09:12:21

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