Non-brokered offering expected to fund exploration, corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 5 – Eastmain Resources Inc. said it will conduct a C$3.95 million non-brokered private placement of stock.
The company will sell 10.8 million flow-through common shares at C$0.325 apiece and 1.85 million common shares at C$0.24 apiece. The prices per share are 47.73% and 9.09% premiums, respectively, to C$0.22, the Dec. 4 closing share price.
Secutor Capital Management Corp. will be paid a 6% finder’s fee.
Proceeds will be used for exploration, general working capital and other corporate purposes.
Based in Toronto, Eastmain is a precious metals exploration and development company.
| Issuer: | Eastmain Resources Inc.
|
| Issue: | Flow-through common shares, common shares
|
| Amount: | C$3,954,000
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 5
|
| Stock symbol: | TSX Venture: ER
|
| Stock price: | C$0.22 at close Dec. 4
|
| Market capitalization: | C$25.84 million
|
|
|
| Flow-through stock
|
| Amount: | C$1.5 million
|
| Shares: | 10.8 million
|
| Price: | C$0.325
|
|
|
| Common stock
|
| Amount: | C$444,000
|
| Shares: | 1.85 million
|
| Price: | C$0.24
|
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