Non-brokered offering expected to fund exploration, corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 10 – Eastmain Resources Inc. said it raised C$3.9 million in its non-brokered private placement of stock. The deal priced for C$3.95 million on Dec. 5.
The company sold 10,617,308 flow-through common shares at C$0.325 apiece and 1.85 million common shares at C$0.24 apiece. The prices per share are 47.73% and 9.09% premiums, respectively, to C$0.22, the Dec. 4 closing share price.
Secutor Capital Management Corp. was paid a 6% finder’s fee. Insiders invested C$88,625.
Proceeds will be used for exploration, general working capital and other corporate purposes.
“Eastmain has raised both flow through and hard dollar funds at a significant premium to market, without issuing any warrants. Management is very cognizant of minimizing dilution during these currently volatile and very difficult market conditions, while still advancing our core projects towards their next milestones,” president and chief executive officer Don Robinson said in a press release.
Based in Toronto, Eastmain is a precious metals exploration and development company.
| Issuer: | Eastmain Resources Inc.
|
| Issue: | Flow-through common shares, common shares
|
| Amount: | C$3,894,625
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 10
|
| Stock symbol: | Toronto: ER
|
| Stock price: | C$0.22 at close Dec. 4
|
| Market capitalization: | C$24.63 million
|
|
|
| Flow-through stock
|
| Amount: | C$3,450,625
|
| Shares: | 10,617,308
|
| Price: | C$0.325
|
|
|
| Common stock
|
| Amount: | C$444,000
|
| Shares: | 1.85 million
|
| Price: | C$0.24
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
