VANCOUVER, Aug. 21, 2015 /CNW/ - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF, SSE-V: RDCL) has completed the second tranche of its previously announced private placement in the amount of approximately $5,650,000 for total gross proceeds of approximately $19,350,000, consisting of 71,677,550 common shares at a price of $0.27 per Share. The shares are subject to a four month hold period from the date of issuance. Further details with respect to the private placement can be found in Red Eagle Mining's news release dated July 17, 2015.
In connection with the transaction, Mr. Steve Dixon has been appointed to the Board of Directors of Red Eagle Mining. Mr. Dixon is co-founder, Chief Executive Officer and Director of STRACON GyM S.A., a leading provider of mining and construction services throughout Latin America. Mr. Dixon is a civil engineer with in excess of twenty five years' experience in the international mining and construction industry, the past sixteen of which have been in senior roles in South America. Mr. Dixon has been involved with the development and operation of several mines throughout the region.
In order to accommodate the appointment of Mr. Dixon, Mr. Ken Cunningham has agreed to resign from the Board of Directors of Red Eagle Mining. The Board would like to thank Ken for his contribution as a director and wishes him every success.
About Red Eagle Mining
Red Eagle Mining is a well-financed gold exploration and development corporation with an experienced mine-development team. Management is focused on building shareholder value through discovering and developing gold projects with low costs and low technical risks in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining is developing the 100 square kilometre historic Santa Rosa Gold Project located in the Antioquia Batholith. Construction is underway at the fully permitted and fully financed San Ramon Gold Mine with production expected to commence during the second half of 2016.
Neither the 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. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE Red Eagle Mining Corporation
For further information: on Red Eagle Mining Corporation please contact: Patrick Balit, Director Corporate Development, Red Eagle Mining Corporation, Suite 920 - 1030 West Georgia Street, Vancouver, BC, V6E 2Y3, +1 778 372 2558, +1 604 360 5722 mobile, [email protected], www.redeaglemining.com