Ivanhoe Capital makes private placement in War Eagle

A private company founded by Robert Friedland, president of Galactic Resources (TSE), and Eric Friedland recently made a $1.2 million private placement in War Eagle Mining (VSE), which owns the War Eagle Mountain property in Idaho.

The private placement involves the sale of 300,000 common shares of War Eagle to Ivanhoe Capital Corp., a company which specializes in funding mining companies. As part of the placement, War Eagle has granted Ivanhoe Capital non- transferable warrants to acquire a further 150,000 common shares for a 2-year period at various prices ranging from $4.55 per share to $6.30 per share. Ivanhoe Capital also received a right of first refusal in respect to all equity financings for the balance of the 2-year period.

Eric Friedland was appointed a director of War Eagle, and was also granted an incentive stock option to purchase up to 53,000 common shares for a 5-year period at an exercise price of $4.20 per share.