War Eagle Mining Company Inc.
TSX VENTURE : WAR

War Eagle Mining Company Inc.

November 21, 2007 10:00 ET

War Eagle Mining Company Inc.: Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2007) - War Eagle Mining Company Inc. (TSX VENTURE:WAR) (the "Company") announces that it has closed its non-brokered private placement of 8,480,000 units of the Company (the "Units") at a price of $0.50 per Unit for total gross proceeds of $4,240,000. Each Unit consists of one common share and one-half of one share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one common share for a period of 18 months at a price of $0.75 per share.

The Company paid the following finders' fees in connection with the private placement:

$218,750 and 218,750 Warrants to MGI Securities Inc.; $43,750 to West Peak Ventures of Canada Ltd.; $1,050 and 1,050 Warrants to David Taylor; $2,500 and 2,500 Warrants to Odlum Brown Limited and $1,225 and 1,225 Warrants to James Baglot. The Warrants issued to the finders have the same terms and conditions as the Warrants comprising the Units.

The securities issued pursuant to the private placement to the placees and the finders are subject to restrictive legends expiring on March 15, 2008.

The proceeds of the private placement will be used for exploration of the Company's Tres Marias, Mexico project and for general working capital purposes.

Terence F. Schorn, P. Geo, President

War Eagle Mining Company Inc.

CUSIP. No. 933901209

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.

Contact Information

  • War Eagle Mining Company Inc.
    Bob Faris
    Vice President, Corporate Development
    1-800-877-1626 or (604) 606-7973
    Website: www.wareaglemining.com