Eastmain Resources Inc. Announces Closing of Flow-Through Offering
TORONTO, ONTARIO--(Marketwired - Dec. 14, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Eastmain Resources Inc. (TSX:ER)(OTCQX:EANRF) (the "Company" or "Eastmain") is pleased to announce that it has closed its previously announced non-brokered offering (the "Offering") of 6,000,000 "flow-through" common shares (the "FT Shares") at a price of $0.38 per FT Share, to raise aggregate gross proceeds of C$2,280,000.
The net proceeds of the Offering are expected to be used to fund exploration and development of the Company's mineral concessions in Quebec. All FT Shares issued pursuant to the Offering are subject to a statutory hold period expiring April 15, 2018. The Offering remains subject to the final approval of the Toronto Stock Exchange.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Eastmain Resources Inc. (TSX:ER)
Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain Mine gold deposits, both of which are located within the James Bay District of Quebec. Clearwater, host of the Eau Claire deposit, is the Company's core asset with access to superior infrastructure in a favourable mining jurisdiction. Eastmain also holds a pipeline of exploration projects in this new Canadian mining district, including being a partner in the Éléonore South Joint Venture.
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 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 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.
Contact
Eastmain Resources Inc.
Claude Lemasson
President and CEO
+1 647-347-3765
lemasson@eastmain.com
Eastmain Resources Inc.
Joseph Fazzini
CFO and VP Corporate Development
+1 647-347-3735
fazzini@eastmain.com