Shares sold at C$2.20; deal conducted by lead agent Oberon, syndicate
By Devika Patel
Knoxville, Tenn., Dec. 2 - Eastmain Resources Inc. said it settled a C$5.75 million private placement of stock. The deal priced for C$5 million with a C$2.5 million greenshoe on Nov. 17.
The company sold 2,615,441 flow-through common shares at C$2.20 each. The price per share represents a 57.14% premium to the Nov. 16 closing share price, C$1.40.
Oberon Capital Corp. was the lead agent of a syndicate that included Macquarie Capital Markets Canada Ltd., Casimir Capital Ltd., and Stonecap Securities Inc.
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$5,753,970 (including C$753,970 greenshoe)
|
| Shares: | 2,615,441
|
| Price: | C$2.20
|
| Warrants: | No
|
| Agents: | Oberon Capital Corp. (lead), Macquarie Capital Markets Canada Ltd., Casimir Capital Ltd., and Stonecap Securities Inc.
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 2
|
| Stock symbol: | Toronto: ER
|
| Stock price: | C$1.37 at close Nov. 17
|
| Market capitalization: | C$114.91 million
|
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