TORONTO, ONTARIO–(Marketwired – April 11, 2016) –
NOT FOR DISSEMINATION IN THE U.S. OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
Eastmain Resources Inc. (TSX:ER) (“Eastmain”) announces that it has completed the first tranche of its previously announced non-brokered private placement (the “Private Placement”) pursuant to which it has issued 9,500,000 flow-through common shares (the “FT Shares”) at $0.50 per FT Share and 999,999 units (the “Units”) at $0.35 per Unit for aggregate gross proceeds of approximately $5,100,000. Each Unit consists of one common share of Eastmain and one-half of one transferable common share purchase warrant (each whole such share purchase warrant, a “Warrant“). Each Warrant is exercisable to acquire one additional common share of Eastmain at an exercise price of $0.50 per Warrant for a period of 30 months following the date hereof.
The tranche of the Private Placement with Integra Gold Corporation is expected to close following Eastmain’s annual and special meeting of shareholders scheduled for April 29, 2016 and satisfaction of customary closing conditions, including receipt of all required regulatory approvals.
The subscribers under the tranche of the Private Placement that closed today include a director of Eastmain, who has purchased 14,285 Units and up to 40,000 FT Shares. In addition, Eastmain paid a finder’s fee to Secutor Capital Management Corp. of approximately $304,500 in connection with the Private Placement.
All securities issued pursuant to the Private Placement are subject to a hold period expiring on August 12, 2016.
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 Québec. Eau Claire, the Company’s core asset, has superior infrastructure within a favourable jurisdiction and is royalty free. Eastmain also holds a pipeline of exploration projects in this new Canadian mining district. In October, Eastmain was presented with the “Discovery of the Year 2015” award by the Association de l’exploration minière du Québec (“AEMQ”) for its contributions to the development of Québec’s mining exploration industry.
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. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or timing of future plans, and include, but not limited to, statements with respect to any potential director nominations, actions taken in respect of director nominations received by Eastmain, actual results of current and future exploration activities at the Company’s properties, and the potential success of the Company’s future exploration and development strategies. 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 results of matters to be considered at the upcoming annual and special meeting of shareholders of Eastmain, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the availability of financing, timely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they affect exploration, future commodity prices, changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property title, and changes in project parameters as plans continue to be refined. 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. The Company assumes no obligation to update such information, except as may be required by law.
