Eagle Hill Exploration Closes $1.0 Million Flow-Through Financing, Continues to Fill Orders in Private Placement for up to $2.5 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 8, 2014) -

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Eagle Hill Exploration Corporation (TSX VENTURE:EAG)(OTCQX:EHECF) ("Eagle Hill" or the "Company") is pleased to announce that the Company has closed the "flow-through" portion of the non-brokered private placement announced on March 28, 2014 (the "Offering"), raising $1.0 million to be used for exploration at the Windfall Lake Gold Project. The Company continues to fill orders in the "hard dollars" portion of the Offering. Eagle Hill has received conditional approval from the TSX Venture Exchange for the Offering.

The Company is raising up to $2.5 million by issuing approximately 35.7 million units of the Company (the "Units") at $0.07 per Unit. Each Unit will consist of one common share (a "Share") and one share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder to acquire one Share at a price of $0.10 for a period of two years following closing of the Offering. Proceeds from this portion of the financing will be used for general working capital.

Eagle Hill will pay a 6% cash finder's fee for placement of 21.4 million Units. Of the remaining 14.3 million Units, Dundee Corporation ("Dundee") has agreed to purchase approximately 10.7 million Units and Southern Arc Minerals Inc. ("Southern Arc") has agreed to purchase approximately 3.6 million Units.

To close the flow-through financing, the Company has issued 7,518,797 units (the "FT Units") at $0.133 per FT Unit for proceeds of $1.0 million. Each FT Unit consists of one Share and one Warrant of the Company exercisable until April 8, 2016. The flow-through financing was a structured transaction involving the issuance of the FT Units, their donation to charity and subsequent resale by charities to Southern Arc at a price of $0.07 per FT Unit. Proceeds from the flow-through portion of the Offering will be used for eligible Canadian exploration expenses at the Company's Windfall Lake Gold Project. The Company will renounce the qualifying expenditures to subscribers of the FT Units for the fiscal year ended December 31, 2014.