RE:exThese shares were issued in a flow through financing to fund the drilling at the MegaTem JV with Xstrata. Only 127,500 shares were issued so it is only a very small dilution and the company's large cash position remains intact. The news release pertaining to the financing is below......
Eastmain Completes Private Placement
December 24, 2008 Eastmain Resources Inc. (TSX - ER) announces that it has completed a non-brokered private placement of 127,500 flow-through common shares at $1.00 per flow-through common share for aggregate gross proceeds of $127,500. Officers, directors, technical advisors and service providers of the Corporation subscribed for the total placement. The Corporation is well funded with in excess of $20 Million in working capital and an annual exploration budget of $4 Million. The principal focus of the Corporation is gold exploration within Quebec with an emphasis on advancing the Eau Claire gold deposit towards development.
Proceeds of the placement will be used for the exploration of Eastmain's MegaTEM Joint Venture Project located in Ontario. Three drill holes were recently completed to test the St. Laurent nickel-copper-PGE target. The project is well located, only three kilometres from road access and trucking distance to existing smelters. The drill core will be sampled and submitted for assay in the New Year.
This news release was prepared by Dr. Donald Robinson, P.Geo., the qualified person supervising the project in accordance with NI 43-101.