Eastmain Resources Inc. (TSX:ER) announces that it has completed the first tranche of its previously announced non-brokered private placement pursuant to which it has issued 9,500,000 flow-through common shares at $0.50 per FT Share and 999,999 units at $0.35 per Unit for aggregate gross proceeds of approximately $5,100,000. Each Unit consists of one common share of Eastmain and one-half of one transferable common share purchase warrant. Each Warrant is exercisable to acquire one additional common share of Eastmain at an exercise price of $0.50 per Warrant for a period of 30 months following the date hereof.
The tranche of the Private Placement with Integra Gold Corporation is expected to close following Eastmain’s annual and special meeting of shareholders scheduled for April 29, 2016 and satisfaction of customary closing conditions, including receipt of all required regulatory approvals.
The subscribers under the tranche of the Private Placement that closed today include a director of Eastmain, who has purchased 14,285 Units and up to 40,000 FT Shares. In addition, Eastmain paid a finder’s fee to Secutor Capital Management Corp. of approximately $304,500 in connection with the Private Placement.
All securities issued pursuant to the Private Placement are subject to a hold period expiring on August 12, 2016.
About Eastmain Resources Inc.
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 Québec. 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, Eastmain was presented with the “Discovery of the Year 2015” award by the Association de l’exploration minière du Québec for its contributions to the development of Québec’s mining exploration industry.
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