Eastmain Resources to raise around $9mln to advance Quebec properties
Eastmain Resources Inc (TSE:ER) has unveiled plans to raise around $9mln in a bought deal placing to advance its Quebec concessions.
The junior explorer has struck a deal with a syndicate of underwriters led by Cormark Securities.
- READ – Eastmain Resources uncovers some of highest grades yet at Eau Claire
- READ – Eastmain Resources’ airborne survey delineates three distinct geological domains
They will buy 10mln shares at 40 cents a pop and 7.4 million flow-through shares at 68 cents each. Shares are currently at 45 cents.
Eastmain has also given the option for the syndicate to buy a further2.5 million shares and 3.7 million flow-through shares after the offering.
The offering is scheduled to close on or about June 8 this year, and net proceeds will be used to finance the exploration and development of the company’s Quebec mineral concessions, and for general corporate and working capital purposes, the company said.
Eastmain owns 100% of the Eau Claire and Eastmain Mine gold deposits in the James Bay district of Quebec.
Clearwater, which hosts Eau Claire deposit, is its main asset but it also holds a pipeline of exploration projects in this new Canadian mining district, including being a partner in the Eleonore South joint venture.
This week, it reported some of the best grades from drilling yet from Eau Claire.
The assays come from 16 drill holes, including infill and step-out drill holes in the 450W Zone, and 850W Zone, which is helping to define a potential open pit and shallow underground project
A new mineral resource estimate for the Eau Claire deposit is earmarked to be completed in the third quarter of this year.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/178001/eastmain-resources-to-raise-around-9mln-to-advance-quebec-properties-178001.html
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