Eastmain Resources (ER-T) Dec 10, '14 is pleased to announce that it has completed a non-brokered private placement of 1,850,000 non-flow-through shares at a price of C$0.24 per share; and 10,617,308 flow-through shares ("FT Shares") at a price of C$0.325 per FT Share, to raise aggregate gross proceeds of $3,894,625 (the "Offering").
All securities issued pursuant to the placement will be subject to a hold period of four months and one day from the date of closing.
Eastmain paid a finder's fee equal to 6% of the gross proceeds of the Offering, other than purchases by management, to Secutor Capital Management Corp., an IIROC member firm. Management subscribed for $88,625 of the Offering.
Net proceeds from the Offering will be used to finance the exploration of Eastmain's Quebec project portfolio, for general working capital and other corporate purposes. The Offering remains subject to the approval of the Toronto Stock Exchange.
"Eastmain has raised both flow through and hard dollar funds at a significant premium to market, without issuing any warrants. Management is very cognizant of minimizing dilution during these currently volatile and very difficult market conditions, while still advancing our core projects towards their next milestones." stated Don Robinson, President & CEO.
About Eastmain Resources Inc. (TSX:ER) Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain gold deposits, both of which are located within the James Bay District of Quebec. Eau Claire, our core asset, has superior infrastructure within a favourable jurisdiction and is royalty free. The Corporation also holds a pipeline of exploration projects in this new Canadian mining district.
Eastmain Resources Inc.
Dr. Donald J. Robinson
President
(519) 940-4871
(519) 940-4870
Eastmain Resources Inc.
Catherine Butella
Exploration Manager
(519) 940-4871
(519) 940-4870
info@eastmain.com
www.eastmain.com |
