Not for distribution to U.S.
news wire services or dissemination in the United States.
Eastmain Resources Inc.
Announces Closing
of Private Placement of
11,447,000 Units
Eastmain Resources Inc. ("Eastmain") is pleased to
announce that it has completed its previously announced private placement
of 11,447,000 units (the "Units") of Eastmain, including
1,447,000 Units issued upon exercise of the Underwriters' over-allotment
option, at a price of Cdn$1.40 per Unit for aggregate gross proceeds of
$16,025,800. Each Unit is comprised 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
entitles the holder to purchase one common share at a price of $2.00
until July 3, 2010.
The private placement was completed by a syndicate of underwriters led by
Macquarie Capital Markets Canada Ltd. and including Genuity Capital
Markets and Laurentian Bank Securities Inc. (collectively the
"Underwriters"). In connection with the private placement, the
Underwriters received a cash commission equal to 6.0% of the gross
proceeds of the offering and 1,144,700 compensation options.
The net proceeds of the offering will be used for continued development
of Eastmain's Clearwater Project that hosts the Eau Claire Gold Deposit,
the Eastmain Gold Mine, and other advanced exploration properties in
Quebec and Ontario, and for general corporate purposes.
This
press release is not an offer to sell or the solicitation of an offer to
buy the securities, nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to qualification or registration under the securities laws of such
jurisdiction. The securities being offered have not been, nor will they
be, registered under the United States Securities Act of 1933, as
amended, and such securities may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons absent
registration or an applicable exemption from U.S. registration
requirements
For further information, please contact Eastmain Resources Inc.: Dr.
Donald J. Robinson, President or Catherine Butella, Exploration Manager
at (519) 940 4870, fax (519) 940 4871, by e-mail: info@eastmain.com or
visit our website at www.eastmain.com
The statements made in this press release may contain
forward-looking statements that may involve a number of risks.
Actual events or results could differ materially from Eastmain's
expectations and projections.
"Building for tomorrow, today!"
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