pcNewsWire – Eastmain Resources Inc. (TSX: ER) has closed its previously announced underwritten offering of 10,000,000 common shares at $0.40 per share and 7,582,000 “flow-through” common shares at $0.68 per FT share for aggregate gross proceeds of approximately $9.1 million.
The offering was conducted through a syndicate of underwriters led by Cormark Securities Inc. and including Echelon Wealth Partners Inc., GMP Securities L.P., Laurentian Bank Securities Inc., Mackie Research Capital Corporation and Macquarie Capital Markets Canada Ltd.
Proceeds are expected to be used to fund exploration and development of the company’s mineral concessions in Quebec, and for general corporate purposes.
Eastmain Resources Inc. Announces Closing of C$9.1 Million Offering
Toronto, Ontario, June 8, 2017 – Eastmain Resources Inc. (“Eastmain” or the “Company”- TSX:ER) is pleased to announce that it has closed its previously announced underwritten offering (the “Offering”) of 10,000,000 common shares (the “Common Shares”) at a price of C$0.40 per Common Share and 7,582,000 “flow-through” common shares (the “FT Shares”) at a price of $0.68 per FT Share, to raise aggregate gross proceeds of approximately C$9.1 million. The Common Shares and FT Shares were sold pursuant to an underwriting agreement with a syndicate of underwriters led by Cormark Securities Inc. and including Echelon Wealth Partners Inc., GMP Securities L.P., Laurentian Bank Securities Inc., Mackie Research Capital Corporation and Macquarie Capital Markets Canada Ltd. (the “Underwriters”).
The net proceeds of the Offering are expected to be used to fund exploration and development of the Company’s mineral concessions in Quebec, and for general corporate purposes. Insiders of the Company subscribed for an aggregate of 2,250,000 Common Shares and no FT Shares in connection with the Offering. All Common Shares and FT Shares issued pursuant to the Offering are subject to a statutory hold period expiring October 9, 2017. The Offering remains subject to the final approval of the Toronto Stock Exchange.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Eastmain Resources Inc.
Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain Mine gold deposits, both of which are located within the James Bay District of Quebec. Clearwater, host of the Eau Claire deposit, is the Company’s core asset with access to superior infrastructure in a favourable mining jurisdiction.
Eastmain also holds a pipeline of exploration projects in this new Canadian mining district, including being a partner in the Éléonore South Joint Venture.
For more information:
Claude Lemasson, President and CEO
Alison Dwoskin, Manager Investor Relations