Brokered offering has a C$1 million greenshoe; shares sold at premium
By Devika Patel
Knoxville, Tenn., Nov. 9 - Eastmain Resources Inc. said it has arranged a private placement of stock. Casimir Capital LP is the lead agent of a syndicate that includes RBC Capital Markets. The agents have a C$1 million greenshoe.
The company will sell 1,454,545 flow-through common shares at C$2.75 each for C$4 million. The price per share represents a 58.05% premium to the Nov. 8 closing share price, C$1.74, and a 70% premium to the 10-day volume-weighted average trading price of Eastmain's common shares for the period preceding the placement's pricing.
Settlement is expected on Nov. 30.
Proceeds will be used to accelerate exploration of new discoveries at Eastmain's Clearwater project.
Based in Toronto, Eastmain is a precious metals exploration and development company.
| Issuer: | Eastmain Resources Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$4 million
|
| Greenshoe: | C$1 million
|
| Shares: | 1,454,545
|
| Price: | C$2.75
|
| Warrants: | No
|
| Agent: | Casimir Capital LP (lead), RBC Capital Markets
|
| Pricing date: | Nov. 9
|
| Settlement date: | Nov. 30
|
| Stock symbol: | Toronto: ER
|
| Stock price: | C$1.74 at close Nov. 8
|
| Market capitalization: | C$165.5 million
|
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