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.
Red Eagle has also announced construction of its San Ramon Gold Mine in Antioquia, Colombia, north of Medellín. Earthworks have commenced with clearing of the ground for the underground mine access and the conventional flotation/carbon-in-leach processing plant. Red Eagle Mining has awarded the bulk earthworks contract to Consorcio San Ramon Proyecto Civil, a joint venture between Gisaico S.A. and Minconstrucciones S.A., Medellin-based infrastructure engineering and construction groups. Minconstrucciones has also completed upgrading the eight kilometer road between paved Highway 25 and the San Ramon Gold Mine.