VANCOUVER, British Columbia, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Red Eagle Mining Corporation (TSX:R) (BVL:R) (OTCQX:RDEMF) is pleased to announce a private placement for gross proceeds of $5,615,908, consisting of 16,045,454 units (“Unit”) at a price of $0.35. Each unit is composed of a common share ("Share") and a warrant (“Warrant”) exchangeable into a Share at a price of $0.50 until August 7, 2022.
Proceeds will be used for working capital at the Santa Rosa Gold Project. The Shares and Warrants are subject to a four month hold period from the date of issuance. Final closing is expected to occur on or about December 21, 2017, subject to TSX approval.