Greenshoe exercised in part; funds slated for gold project exploration
By Devika Patel
Knoxville, Tenn., Sept. 15 - Eastmain Resources Inc. said it settled a C$3.22 million private placement of stock. Casimir Capital LP was the agent for the deal, which priced for C$2.88 million with a C$345,000 greenshoe on Aug. 24.
The company sold 1.4 million flow-through common shares at C$2.30 each. Of the shares, 150,000 were part of the partially exercised greenshoe. The per-share price represents a 75% premium to the last 10-day weighted average share price prior to pricing.
Proceeds will be used for exploration of Eastmain's James Bay Quebec gold projects.
Based in Toronto, Eastmain is a precious metals exploration and development company.
Issuer: | Eastmain Resources Inc.
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Issue: | Flow-through common shares
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Amount: | C$3.22 million (including C$345,000 greenshoe)
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Shares: | 1.4 million
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Price: | C$2.30
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Warrants: | No
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Agent: | Casimir Capital LP
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Pricing date: | Aug. 24
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Settlement date: | Sept. 15
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Stock symbol: | Toronto: ER
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Stock price: | C$1.38 at close Aug. 23
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Market capitalization: | C$144.64 million
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