Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

November 15, 2013 12:00 ET

Eastmain Resources Inc. Arranges $4.5M Private Placement Financing

TORONTO, ONTARIO--(Marketwired - Nov. 15, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Eastmain Resources Inc. ("Eastmain" or the "Issuer") (TSX:ER) is pleased to announce that it proposes to complete a non-brokered private placement of (i) up to 5,000,000 non-flow-through units ("Units") at a price of C$0.30 per Unit; and (ii) up to 7,500,000 flow-through units ("FT Units") at a price of C$0.40 per FT Unit, to raise aggregate gross proceeds of up to approximately $4,500,000 (the "Offering").

Each Unit shall consist of one non-flow-through common share of the Issuer and one-half of one share purchase warrant (each whole such share purchase warrant, a "Warrant"). Each FT Unit shall consist of one flow-through common share of the Issuer and one-half of one Warrant. Each whole Warrant will entitle the holder to acquire one non flow-through common share of the Issuer at a price of C$0.45 for a period of 18 months following the closing date of the Offering. All securities issued pursuant to the placement will be subject to a hold period of four months and one day from the date of closing.

A finder's fee equal to up to 6% of the gross proceeds of the Offering may be paid in connection with the Offering. The Issuer will allocate the financing to subscribers found by Secutor Capital Management Corp., an IIROC member firm.

Net proceeds from the Offering will be used to finance the exploration of Eastmain's Quebec project portfolio, for general working capital and other corporate purposes. The Offering remains subject to the approval of the Toronto Stock Exchange.

About Eastmain Resources Inc. (TSX:ER)

Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits. Eastmain holds a pipeline of exploration projects within the James Bay District of Quebec, including the Éléonore South property. Éléonore South is located adjacent to Goldcorp's Roberto gold deposit, which is expected to begin the first gold production in the region, in 2014.

For further information, visit our website at www.eastmain.com.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the impact of general economic conditions, industry conditions, dependence upon regulatory approvals and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Contact Information

  • Eastmain Resources Inc.
    Dr. Donald J. Robinson
    President
    (519) 940-4870
    (519) 940-4871 (FAX)

    Eastmain Resources Inc.
    Catherine Butella
    Exploration Manager
    (519) 940-4870
    (519) 940-4871 (FAX)
    info@eastmain.com
    www.eastmain.com