Eastmain Resources Inc.

publicPublic Group

Eastmain is a Canadian exploration company advancing three high-grade gold assets in the emerging James Bay gold camp in Québec. The Company holds a 100%-interest in the Clearwater Property, host of the Eau Claire Project, for which it issued a Preliminary Economic Assessment (“PEA”) in May 20...

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Eastmain Resources Inc.

publicPublicGroup

Eastmain is a Canadian exploration company advancing three high-grade gold assets in the emerging James Bay gold cam......

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8020 Admin

7 days ago

8020 Admin posted a press release Eastmain Announces Closing of Offering in EASTMAIN RESOURCES INC.


Not for distribution to U.S. news wire services or dissemination in the United States.


Eastmain Resources Inc. (TSX:ER) (the “Company” or “Eastmain”) is pleased to announce that it has completed its previously announced private placement (the “Offering”) for aggregate gross proceeds of approximately C$2,750,000.


Pursuant to the Offering, the Company issued an aggregate of 5,765,772 units (“Hard Units”) at a price of $0.12 per Hard Unit, 12,632,257 Quebec flow-through common shares of the Company (the “Quebec FT Shares”) at a price of $0.155 per Quebec FT Share and 689,654 federal flow-through common shares of the Company (the “Federal FT Shares”) at a price of $0.145 per Federal FT Share. Each Hard Unit consisted of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for two years from the closing of the Offering at a price of $0.16.


The net proceeds from the sale of the Hard Units will be used to fund the exploration and development of the Company’s Québec mineral concessions and for general corporate and working capital purposes. The gross proceeds received by the Company from the sale of the Quebec FT Shares and Federal FT Shares will be used to fund the exploration and development of the Company’s Québec mineral concessions, and will be renounced to the subscribers with an effective date no later than December 31, 2019.


All securities issued and issuable pursuant to the Offering are subject to a statutory hold period expiring February 25, 2020. The Offering remains subject to the final approval of the Toronto Stock Exchange. Insiders of the Company purchased, directly and indirectly, an aggregate of 1,330,834 Units in connection with the Offering.


This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


About Eastmain Resources Inc. (TSX: ER | OTCQX:EANRF)


Eastmain is a Canadian exploration company operating in the Eeyou Istchee emerging James Bay gold camp in Québec. The Company holds a 100%-interest in the Clearwater Property, host of the Eau Claire Project, for which it issued a Preliminary Economic Assessment (“PEA”) in May 2018, and the Percival Discovery made in November 2018. Eastmain is also the operator of the Éléonore South Joint Venture, located immediately south of Goldcorp Inc.'s Éléonore Mine, which hosts the Moni/Contact Trend Discovery (2017). In addition, the Company has a 100% interest in the Eastmain Mine Project under option to a third party and holds a 100% interest in a pipeline of exploration projects in this favourable mining jurisdiction with nearby infrastructure.


Forwarding-Looking Information


This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the use of proceeds of the Offering, and the receipt of regulatory approvals. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, the receipt of applicable regulatory approvals, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; as well as those factors discussed in the Company’s annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.


View source version on businesswire.com: https://www.businesswire.com/news/home/20191024006059/en/



Claude Lemasson, President and CEO
+1 647-347-3765
lemasson@eastmain.com


Alison Dwoskin, Manager Investor Relations
+1 647-347-3735
dwoskin@eastmain.com


!
Thumb 8020 monitor 200200 2

8020 Admin

10 days ago

8020 Admin posted a press release Eastmain Resources Upsizes Previously Announced Private Placement Financing to C$2.75 Million in EASTMAIN RESOURCES INC.


THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES


Eastmain Resources Inc. (TSX:ER, OTCQX:EANRF) (“Eastmain” or the “Company”) is pleased to announce that it intends to further upsize its previously announced non-brokered private placement (the “Offering”) to accommodate demand from shareholders (see news releases dated October 9, 2019 and October 15, 2019). The Offering has increased to provide for aggregate gross proceeds of up to $2.75 million, comprised, in part, of a minimum of C$500,000 of units of the Company (“Hard Units”) at a price of $0.12 per Hard Unit. The remaining balance will be comprised of any combination of Hard Units and flow-through shares of the Company in any combination of Quebec flow-through common shares of the Company (the “Quebec FT Shares”) at a price of $0.155 per Quebec FT Share, and federal flow-through common shares of the Company (the “Federal FT Shares”) at a price of $0.145 per Federal FT Share.


Each Hard Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for 2 years from the closing of the Offering (the “Closing”) at a price of $0.16.


The net proceeds from the sale of the Hard Units will be used to fund the exploration and development of the Company’s Québec mineral concessions and for general corporate and working capital purposes. The gross proceeds received by the Company from the sale of the FT Shares will be used to incur Canadian Exploration Expenses (“CEE”) that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Company’s properties in Québec, which will be renounced to the subscribers with an effective date no later than December 31, 2019, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of Quebec FT Shares and Federal FT Shares.


The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange. The Company has agreed to pay a finder’s fee to certain eligible registrants assisting in the Offering in an amount equal to 5% of the gross proceeds raised by such finders, which finder’s fee shall be satisfied by the issuance of Hard Units to such finders at a deemed price of $0.12 per Hard Unit.


This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


About Eastmain Resources Inc. (TSX: ER | OTCQX:EANRF)


Eastmain is a Canadian exploration company operating in the Eeyou Istchee emerging James Bay gold camp in Québec. The Company holds a 100%-interest in the Clearwater Property, host of the Eau Claire Project, for which it issued a Preliminary Economic Assessment (“PEA”) in May 2018, and the Percival Discovery made in November 2018. Eastmain is also the operator of the Éléonore South Joint Venture, located immediately south of Goldcorp Inc.'s Éléonore Mine, which hosts the Moni/Contact Trend Discovery (2017). In addition, the Company has a 100% interest in the Eastmain Mine Project under option to a third party and holds a 100% interest in a pipeline of exploration projects in this favourable mining jurisdiction with nearby infrastructure.


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 and completion and size of the Offering. 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.


View source version on businesswire.com: https://www.businesswire.com/news/home/20191022006005/en/



Claude Lemasson, President and CEO
+1 647-347-3765
lemasson@eastmain.com


Alison Dwoskin, Manager, Investor Relations
+1 647-347-3735
dwoskin@eastmain.com


!
Thumb 8020 monitor 200200 2

8020 Admin

17 days ago

8020 Admin posted a press release Eastmain Resources Upsizes Previously Announced Private Placement Financing to C$2.5 Million in EASTMAIN RESOURCES INC.


THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES


Eastmain Resources Inc. (TSX:ER, OTCQX:EANRF) (“Eastmain” or the “Company”) is pleased to announce that it intends to upsize its previously announced non-brokered private placement (the “Offering”) to accommodate demand from shareholders (see news release dated October 9, 2019). The Offering has increased to an aggregate gross proceeds of $2.5 million, comprised, in part, of a minimum of C$500,000 of units of the Company (“Hard Units”) at a price of $0.12 per Hard Unit. The remaining balance will be comprised of any combination of Hard Units and flow-through shares of the Company in any combination of Quebec flow-through common shares of the Company (the “Quebec FT Shares”) at a price of $0.155 per Quebec FT Share, and Federal flow-through common shares of the Company (the “Federal FT Shares”) at a price of $0.145 per Federal FT Share.


Each Hard Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for 2 years from the closing of the Offering (the “Closing”) at a price of $0.16.


The net proceeds from the sale of the Hard Units will be used to fund the exploration and development of the Company’s Québec mineral concessions and for general corporate and working capital purposes. The gross proceeds received by the Company from the sale of the FT Shares will be used to incur Canadian Exploration Expenses (“CEE”) that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Company’s properties in Québec, which will be renounced to the subscribers with an effective date no later than December 31, 2019, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares.


The Offering is scheduled to close on or about October 23, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities. The Company has agreed to pay a finder’s fee to certain eligible registrants assisting in the Offering in an amount equal to 5% of the gross proceeds raised by such finders, which finder’s fee shall be satisfied by the issuance of Hard Units to such finders at a deemed price of $0.12 per Hard Unit.


This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


About Eastmain Resources Inc. (TSX:ER | OTCQX:EANRF)
Eastmain is a Canadian exploration company operating in the Eeyou Istchee emerging James Bay gold camp in Québec. The Company holds a 100%-interest in the Clearwater Property, host of the Eau Claire Project, for which it issued a Preliminary Economic Assessment (“PEA”) in May 2018, and the Percival Discovery made in November 2018. Eastmain is also the operator of the Éléonore South Joint Venture, located immediately south of Goldcorp Inc.'s Éléonore Mine, which hosts the Moni/Contact Trend Discovery (2017). In addition, the Company has a 100% interest in the Eastmain Mine Project under option to a third party and holds a 100% interest in a pipeline of exploration projects in this favourable mining jurisdiction with nearby infrastructure.


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 and completion of the Offering. 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.




Claude Lemasson, President and CEO
+1 647-347-3765
lemasson@eastmain.com


Alison Dwoskin, Manager, Investor Relations
+1 647-347-3735
dwoskin@eastmain.com


!

Eastmain Resources Inc.

publicPublic Group

Eastmain is a Canadian exploration company advancing three high-grade gold assets in the emerging James Bay gold camp in Québec. The Company holds a 100%-interest in the Clearwater Property, host of the Eau Claire Project, for which it issued a Preliminary Economic Assessment (“PEA”) in May 20...

people5 Members       (0)

Corporate Profile
Group Admins:
  • Thumb 8020 monitor 200200 2
Add Corporate Feed


Eastmain Resources Inc.

publicPublicGroup

Eastmain is a Canadian exploration company advancing three high-grade gold assets in the emerging James Bay gold cam......

people5 Members       (0)

Thumb 8020 monitor 200200 2

8020 Admin

7 days ago

8020 Admin posted a press release Eastmain Announces Closing of Offering in EASTMAIN RESOURCES INC.


Not for distribution to U.S. news wire services or dissemination in the United States.


Eastmain Resources Inc. (TSX:ER) (the “Company” or “Eastmain”) is pleased to announce that it has completed its previously announced private placement (the “Offering”) for aggregate gross proceeds of approximately C$2,750,000.


Pursuant to the Offering, the Company issued an aggregate of 5,765,772 units (“Hard Units”) at a price of $0.12 per Hard Unit, 12,632,257 Quebec flow-through common shares of the Company (the “Quebec FT Shares”) at a price of $0.155 per Quebec FT Share and 689,654 federal flow-through common shares of the Company (the “Federal FT Shares”) at a price of $0.145 per Federal FT Share. Each Hard Unit consisted of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for two years from the closing of the Offering at a price of $0.16.


The net proceeds from the sale of the Hard Units will be used to fund the exploration and development of the Company’s Québec mineral concessions and for general corporate and working capital purposes. The gross proceeds received by the Company from the sale of the Quebec FT Shares and Federal FT Shares will be used to fund the exploration and development of the Company’s Québec mineral concessions, and will be renounced to the subscribers with an effective date no later than December 31, 2019.


All securities issued and issuable pursuant to the Offering are subject to a statutory hold period expiring February 25, 2020. The Offering remains subject to the final approval of the Toronto Stock Exchange. Insiders of the Company purchased, directly and indirectly, an aggregate of 1,330,834 Units in connection with the Offering.


This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


About Eastmain Resources Inc. (TSX: ER | OTCQX:EANRF)


Eastmain is a Canadian exploration company operating in the Eeyou Istchee emerging James Bay gold camp in Québec. The Company holds a 100%-interest in the Clearwater Property, host of the Eau Claire Project, for which it issued a Preliminary Economic Assessment (“PEA”) in May 2018, and the Percival Discovery made in November 2018. Eastmain is also the operator of the Éléonore South Joint Venture, located immediately south of Goldcorp Inc.'s Éléonore Mine, which hosts the Moni/Contact Trend Discovery (2017). In addition, the Company has a 100% interest in the Eastmain Mine Project under option to a third party and holds a 100% interest in a pipeline of exploration projects in this favourable mining jurisdiction with nearby infrastructure.


Forwarding-Looking Information


This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the use of proceeds of the Offering, and the receipt of regulatory approvals. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, the receipt of applicable regulatory approvals, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; as well as those factors discussed in the Company’s annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.


View source version on businesswire.com: https://www.businesswire.com/news/home/20191024006059/en/



Claude Lemasson, President and CEO
+1 647-347-3765
lemasson@eastmain.com


Alison Dwoskin, Manager Investor Relations
+1 647-347-3735
dwoskin@eastmain.com


!
Thumb 8020 monitor 200200 2

8020 Admin

10 days ago

8020 Admin posted a press release Eastmain Resources Upsizes Previously Announced Private Placement Financing to C$2.75 Million in EASTMAIN RESOURCES INC.


THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES


Eastmain Resources Inc. (TSX:ER, OTCQX:EANRF) (“Eastmain” or the “Company”) is pleased to announce that it intends to further upsize its previously announced non-brokered private placement (the “Offering”) to accommodate demand from shareholders (see news releases dated October 9, 2019 and October 15, 2019). The Offering has increased to provide for aggregate gross proceeds of up to $2.75 million, comprised, in part, of a minimum of C$500,000 of units of the Company (“Hard Units”) at a price of $0.12 per Hard Unit. The remaining balance will be comprised of any combination of Hard Units and flow-through shares of the Company in any combination of Quebec flow-through common shares of the Company (the “Quebec FT Shares”) at a price of $0.155 per Quebec FT Share, and federal flow-through common shares of the Company (the “Federal FT Shares”) at a price of $0.145 per Federal FT Share.


Each Hard Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for 2 years from the closing of the Offering (the “Closing”) at a price of $0.16.


The net proceeds from the sale of the Hard Units will be used to fund the exploration and development of the Company’s Québec mineral concessions and for general corporate and working capital purposes. The gross proceeds received by the Company from the sale of the FT Shares will be used to incur Canadian Exploration Expenses (“CEE”) that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Company’s properties in Québec, which will be renounced to the subscribers with an effective date no later than December 31, 2019, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of Quebec FT Shares and Federal FT Shares.


The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange. The Company has agreed to pay a finder’s fee to certain eligible registrants assisting in the Offering in an amount equal to 5% of the gross proceeds raised by such finders, which finder’s fee shall be satisfied by the issuance of Hard Units to such finders at a deemed price of $0.12 per Hard Unit.


This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


About Eastmain Resources Inc. (TSX: ER | OTCQX:EANRF)


Eastmain is a Canadian exploration company operating in the Eeyou Istchee emerging James Bay gold camp in Québec. The Company holds a 100%-interest in the Clearwater Property, host of the Eau Claire Project, for which it issued a Preliminary Economic Assessment (“PEA”) in May 2018, and the Percival Discovery made in November 2018. Eastmain is also the operator of the Éléonore South Joint Venture, located immediately south of Goldcorp Inc.'s Éléonore Mine, which hosts the Moni/Contact Trend Discovery (2017). In addition, the Company has a 100% interest in the Eastmain Mine Project under option to a third party and holds a 100% interest in a pipeline of exploration projects in this favourable mining jurisdiction with nearby infrastructure.


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 and completion and size of the Offering. 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.


View source version on businesswire.com: https://www.businesswire.com/news/home/20191022006005/en/



Claude Lemasson, President and CEO
+1 647-347-3765
lemasson@eastmain.com


Alison Dwoskin, Manager, Investor Relations
+1 647-347-3735
dwoskin@eastmain.com


!
Thumb 8020 monitor 200200 2

8020 Admin

17 days ago

8020 Admin posted a press release Eastmain Resources Upsizes Previously Announced Private Placement Financing to C$2.5 Million in EASTMAIN RESOURCES INC.


THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES


Eastmain Resources Inc. (TSX:ER, OTCQX:EANRF) (“Eastmain” or the “Company”) is pleased to announce that it intends to upsize its previously announced non-brokered private placement (the “Offering”) to accommodate demand from shareholders (see news release dated October 9, 2019). The Offering has increased to an aggregate gross proceeds of $2.5 million, comprised, in part, of a minimum of C$500,000 of units of the Company (“Hard Units”) at a price of $0.12 per Hard Unit. The remaining balance will be comprised of any combination of Hard Units and flow-through shares of the Company in any combination of Quebec flow-through common shares of the Company (the “Quebec FT Shares”) at a price of $0.155 per Quebec FT Share, and Federal flow-through common shares of the Company (the “Federal FT Shares”) at a price of $0.145 per Federal FT Share.


Each Hard Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for 2 years from the closing of the Offering (the “Closing”) at a price of $0.16.


The net proceeds from the sale of the Hard Units will be used to fund the exploration and development of the Company’s Québec mineral concessions and for general corporate and working capital purposes. The gross proceeds received by the Company from the sale of the FT Shares will be used to incur Canadian Exploration Expenses (“CEE”) that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Company’s properties in Québec, which will be renounced to the subscribers with an effective date no later than December 31, 2019, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares.


The Offering is scheduled to close on or about October 23, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities. The Company has agreed to pay a finder’s fee to certain eligible registrants assisting in the Offering in an amount equal to 5% of the gross proceeds raised by such finders, which finder’s fee shall be satisfied by the issuance of Hard Units to such finders at a deemed price of $0.12 per Hard Unit.


This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


About Eastmain Resources Inc. (TSX:ER | OTCQX:EANRF)
Eastmain is a Canadian exploration company operating in the Eeyou Istchee emerging James Bay gold camp in Québec. The Company holds a 100%-interest in the Clearwater Property, host of the Eau Claire Project, for which it issued a Preliminary Economic Assessment (“PEA”) in May 2018, and the Percival Discovery made in November 2018. Eastmain is also the operator of the Éléonore South Joint Venture, located immediately south of Goldcorp Inc.'s Éléonore Mine, which hosts the Moni/Contact Trend Discovery (2017). In addition, the Company has a 100% interest in the Eastmain Mine Project under option to a third party and holds a 100% interest in a pipeline of exploration projects in this favourable mining jurisdiction with nearby infrastructure.


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 and completion of the Offering. 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.




Claude Lemasson, President and CEO
+1 647-347-3765
lemasson@eastmain.com


Alison Dwoskin, Manager, Investor Relations
+1 647-347-3735
dwoskin@eastmain.com


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