Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

December 10, 2014 14:09 ET

Eastmain Resources Inc. Completes $3.9M Private Placement Financing

TORONTO, ONTARIO--(Marketwired - Dec. 10, 2014) -

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 has completed a non-brokered private placement of 1,850,000 non-flow-through shares at a price of C$0.24 per share; and 10,617,308 flow-through shares ("FT Shares") at a price of C$0.325 per FT Share, to raise aggregate gross proceeds of $3,894,625 (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.

Eastmain paid a finder's fee equal to 6% of the gross proceeds of the Offering, other than purchases by management, to Secutor Capital Management Corp., an IIROC member firm. Management subscribed for $88,625 of the Offering.

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.

"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." stated Don Robinson, President & CEO.

About Eastmain Resources Inc. (TSX:ER) Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain gold deposits, both of which are located within the James Bay District of Quebec. Eau Claire, our core asset, has superior infrastructure within a favourable jurisdiction and is royalty free. The Corporation also holds a pipeline of exploration projects in this new Canadian mining district.

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