VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2008) - Eaglecrest Explorations Ltd. (the "Company") (TSX VENTURE:EEL)(FRANKFURT:EAT) is pleased to announce a proposed non-brokered private placement of up to 30,000,000 units at the price of US$0.05 each to raise aggregate gross proceeds of US$1.5 million. Each unit will be comprised of one common share and one full warrant, which can be used to purchase one additional common share in the capital of the Company at the price of US$0.10 for one year after closing.
All shares issued in connection with the private placement and any shares issued on exercise of warrants will be subject to a four month hold period. Finder's fees will be payable in connection with the private placement in accordance with the policies of the TSX Venture Exchange. Completion of the private placement is subject to acceptance of a filing respecting the financing by the TSX Venture Exchange. Proceeds from the private placement will be used to fund ongoing operations at the Company's San Simon exploration project and for general working capital.
On behalf of the Board of Directors,
Hans Rasmussen, President, Eaglecrest Explorations Ltd.
FOR FURTHER INFORMATION PLEASE CONTACT:
Eaglecrest Explorations Ltd.