Offering to fund exploration; agents Beacon and Paradigm will assist
By Devika Patel
Knoxville, Tenn., June 15 – Eastmain Resources Inc. said it will conduct a C$10 million private placement of stock with a C$1.14 million greenshoe.
The company will sell 1.96 million common shares at C$0.51 apiece, which is a 12.07% discount to the June 14 closing share price of C$0.58. It also will sell 9,803,000 flow-through common shares at C$0.918 apiece, a 58.28% premium to the June 14 closing share price.
The greenshoe will consist of 2,237,000 common shares.
The deal will be conducted on a bought-deal basis by a syndicate of underwriters co-led by Beacon Securities Ltd. and Paradigm Capital Inc.
Settlement is expected July 20.
Proceeds will be used for exploration and general corporate purposes.
Based in Toronto, Eastmain is a precious metals exploration and development company.
| Issuer: | Eastmain Resources Inc.
|
| Issue: | Common shares, flow-through common shares
|
| Amount: | C$10 million
|
| Warrants: | No
|
| Underwriters: | Beacon Securities Ltd. and Paradigm Capital Inc. (co-leads)
|
| Pricing date: | June 15
|
| Settlement date: | July 20
|
| Stock symbol: | Toronto: ER
|
| Stock price: | C$0.58 at close June 14
|
| Market capitalization: | C$97.98 million
|
|
|
| Common stock
|
| Amount: | C$999,600
|
| Greenshoe: | C$1,140,870, or 2,237,000 shares
|
| Shares: | 1.96 million
|
| Price: | C$0.51
|
|
|
| Flow-through stock
|
| Amount: | C$8,999,154
|
| Shares: | 9,803,000
|
| Price: | C$0.918
|
|
|
|
|
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