Brokered offering includes fully exercised C$1 million greenshoe
By Devika Patel
Knoxville, Tenn., Dec. 7 - Eastmain Resources Inc. said it completed a private placement of stock. The deal priced for C$4 million with a C$1 million greenshoe on Nov. 9, and the company raised the entire amount.
The company sold 1.82 million flow-through common shares at C$2.75 each. 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.
Casimir Capital LP was the lead agent of a syndicate that included RBC Capital Markets.
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$5 million (including C$1 million greenshoe)
|
| Shares: | 1.82 million
|
| Price: | C$2.75
|
| Warrants: | No
|
| Agent: | Casimir Capital LP (lead), RBC Capital Markets
|
| Pricing date: | Nov. 9
|
| Settlement date: | Dec. 7
|
| Stock symbol: | Toronto: ER
|
| Stock price: | C$1.74 at close Nov. 8
|
| Market capitalization: | C$189.29 million
|
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