Integra purchases 12.8 million units, 3.1 million flow-through shares
By Devika Patel
Knoxville, Tenn., April 8 – Eastmain Resources Inc. plans a C$6.03 million non-brokered private placement of units and stock, according to a press release from investor Integra Gold Corp.
The company will sell 12.8 million units of one common share and one half-share warrant at C$0.35 per unit and 3.1 million flow-through shares at C$0.50 apiece.
Each whole warrant is exercisable at C$0.50 for 30 months. The strike price is an 8.7% premium to the April 7 closing share price of C$0.46. The price per share is also an 8.7% premium to that price.
The placement is conditional on the successful election of the revised slate of Eastmain Board nominees at Eastmain's annual general meeting on April 29.
Based in Toronto, Eastmain is a precious metals exploration and development company.
| Issuer: | Eastmain Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through shares
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| Amount: | C$6.03 million
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| Agent: | Non-brokered
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| Investor: | Integra Gold Corp.
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| Pricing date: | April 8
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| Stock symbol: | Toronto: ER
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| Stock price: | C$0.46 at close April 7
|
| Market capitalization: | C$65.62 million
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|
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| Units
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| Amount: | C$4.48 million
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| Units: | 12.8 million
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| Price: | C$0.35
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 30 months
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| Warrant strike price: | C$0.50
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| Flow-through shares
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| Amount: | C$1.55 million
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| Units: | 3.1 million
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| Price: | C$0.50
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| Warrants: | No
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