Deal offers two types of unit, funds exploration and working capital
By Devika Patel
Knoxville, Tenn., Nov. 15 - Eastmain Resources Inc. said it plans a C$4.5 million non-brokered private placement of units.
The company will sell 5 million units of one common share and one half-share warrant at C$0.30 per unit and 7.5 million flow-through units of one flow-through common share and one half-share warrant at C$0.40 per unit.
Each whole warrant is exercisable at C$0.45 for 18 months. The strike price is a 40.63% premium to the Nov. 14 closing share price of C$0.32.
Proceeds will be used for exploration of Eastmain's Quebec project portfolio, general working capital and other corporate purposes.
Based in Toronto, Eastmain is a gold exploration company.
| Issuer: | Eastmain Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$4.5 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 15
|
| Stock symbol: | Toronto: ER
|
| Stock price: | C$0.32 at close Nov. 14
|
| Market capitalization: | C$33.05 million
|
|
|
| Units
|
| Amount: | C$1.5 million
|
| Units: | 5 million
|
| Price: | C$0.30
|
|
|
| Flow-through units
|
| Amount: | C$3 million
|
| Units: | 7.5 million
|
| Price: | C$0.40
|
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