Red Eagle Mining Corporation (TSX:R) announced a private placement of 250,000,000 common shares at a price of CAD 0.20 per share for gross proceeds of CAD 50,000,000 on August 24, 2018. The transaction will involve participation from new and existing shareholders. Annibale SAC which holds 9.5% stake in the company will invest under backstop agreement. The shares to be issued in the transaction will be subject to a hold period of four months from the date of issue. The closing of the transaction is expected in October 2018 subject to TSX Venture Exchange approval.