Eastmain Resources (ER-T) May 11, '16 is pleased to announce that as of yesterday, it has completed the previously announced (April 8, 2016) Integra Gold Corp. private placement for total gross proceeds of $6,030,000.
Eastmain has issued 3.1 million flow-through common shares at $0.50 each for gross proceeds of $1,550,000 and 12.8 million units (the "Units"), at $0.35 each, for gross proceeds of $4,480,000. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant (a "Warrant") entitles the holder to acquire an additional common share, at a price of $0.50, for a period of 30 months from closing the private placements. All shares and Warrants are subject to a hold period which will expire on September 11, 2016.
As part of the financing agreement, Integra has the right to maintain its pro rata ownership interest in any subsequent financings of Eastmain or, at its option, to increase its ownership in such offerings to 15% of the outstanding common shares, subject to the right of Eastmain to limit Integra's participation in any one financing to 50% of the offering. Integra's rights under the Investor Rights Agreement will terminate upon Integra ceasing to maintain at least a 5% interest in the outstanding common shares of Eastmain.
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, the Company's core asset, has superior infrastructure within a favourable jurisdiction and is royalty free. Eastmain also holds a pipeline of exploration projects in this new Canadian mining district. In October 2015, Eastmain was presented with the "Discovery of the Year 2015" award by the Association de L'Exploration Minière du Québec ("AEMQ") for its contributions to the development of Quebec's mining exploration industry.
Investor Contact:
Laurence (Laurie) Curtis
Chairman
1-289-242-7422
lwcurtis@icloud.com
Media Contact:
Heather MacDonald
647-725-2520 x 207
heather.macdonald@kaiserlachance.com |
