Pink Sheets: Ecrtf Extension of Final Filing of Private Placement
December 10, 2010 EEL-TSX.VENTURE NEWS RELEASE EAT.FSE FRANKFURT PINK SHEETS: ECRTF
EXTENSION OF FINAL FILING OF PRIVATE PLACEMENT
Through a news release dated November 19, 2010, Eaglecrest Explorations Ltd. (the “Company”) announced a proposed non-brokered private placement of up to 20 million units at a price of $0.30 per unit for gross proceeds of up to $6 million dollars.
Each unit is comprised of one common share of the Company and one share purchase warrant exercisable to purchase an additional share of the Company at a price of $0.45 per share for a period of 24 months from the date the warrants are issued, or, if after the issuance of the warrants the average closing trading price of the common shares of the Company is $ 0.75 or higher for a period of 20 consecutive trading days, the Company may issue a notice to have the warrants exercised within 21 days of the date of the notice or expire at the end of that 21 day period.
Finders will receive a finder’s fee up to 7% of the gross proceeds of the private placement. They will also be issued non-transferable finder’s warrants to purchase common shares in numbers equal to 7% of the units sold under the private placement as a result of the finder’s introductions. The finder’s warrants will have the same term, exercise price and other conditions as the share purchase warrants.
A pro-forma filing was submitted and conditional acceptance of the proposed private placement was received from the TSX Venture Exchange (“Exchange”) on November 29, 2010 with Company’s final filing to be submitted by December 14, 2010.
To ensure completion of the private placement due to the pending large number of incoming subscription agreements, management has requested to the Exchange to extend the final filing of the private placement to January 14, 2010.
The full extension of the period may not be required as the Company will submit the final filing with the Exchange once the targeted amount has been confirmed.
300 – 1055 West Hastings Street Vancouver, BC V6E 2E9 Canada (604) 684-7160 www.eaglecrestexplorations.com
About Eaglecrest
Eaglecrest Explorations Ltd. is systematically exploring, developing and monetizing promising gold projects in Colombia and Bolivia
The management and geologic teams at Eaglecrest are comprised of industry experts experienced with gold discoveries over the past three decades while working with both junior and major mining companies. With this team and the increased sentiment towards gold, Eaglecrest looks to accelerate the capitalization of its Bolivian asset, shifting its focus to securing interests in, and initiating the anticipated exploration programs at the Fredonia And Venecia projects, Colombia, located south of Medellin.
On behalf of the Board of Directors,
“Hans Rasmussen”
Hans Rasmussen President and Chief Executive Officer
For more information, please contact:
Hans Rasmussen Phone: 604‐684‐7160 E‐mail: [email protected] or visit the Company’s website at www.eaglecrestexplorations.com.
This news release may contain certain "Forward ‐Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward‐loo king statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX‐Venture Exchange, the British Columbia Securities Commission and the US Securities and Exch ange Commission.
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.