Private Placement Financing
Eastmain Resources Inc. Completes Private Placement Financing
Toronto, Ontario, December 2, 2011. Eastmain Resources Inc. ("Eastmain") (TSX:ER)
is pleased to announce that it has completed its previously announced private placement
of 2,615,441 flow through common shares ("FT Shares") at a price of $2.20 per FT
Share, for aggregate gross proceeds of $5.75 million.
Oberon Capital Corporation, Casimir Capital Ltd., Macquarie Capital Markets Canada
Ltd., and Stonecap Securities Inc. (the "Agents"), acted as agents in the offering,
received a fee equal to 6% of the gross proceeds of the financing as well as non-transferable
broker warrants entitling the Agents to subscribe for 0.156 million common shares
of Eastmain, at a price of $1.40. The warrants have a term of 18 months from the
date of closing of the placement.
The placement was completed at an 80% premium to yesterday's closing price. Proceeds
from the placement will be used to accelerate drilling on new discoveries found
at the Clearwater Project. Over 26,300 metres of drilling completed at Clearwater
in 2011 focused on expanding the Eau Claire Gold Deposit to the west, in the Gap
and 850 West Zones, situated lateral to, and well outside the limits of previously
defined resources at 450 West. Assay data, pending for over 25 drill holes from
Eau Claire, is expected in first quarter 2012. Drilling will re-commence at Eau
Claire in February.
About Eastmain Resources Inc. (TSX:ER)
Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire
and Eastmain gold deposits. Eastmain has in excess of $17 million in its treasury
and holds an interest in 12 projects within the James Bay District, including the
Eleonore South property, where a gold discovery has been found in a similar geologic
setting to Goldcorp's Roberto deposit.
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 [ https://r20.rs6.net/tn.jsp?llr=pcv9m5bab&et=1108918596224&s=47628&e=001xdDZszCalU5_9QOKSFqS96MHLChAz-YoWkbdzp1VoxynrpcTIeuyX-3UACkpDH_l2nyCvEQzfy2shI_5uIFn-vC0n1yUobQyTGmv_LEGfTR-URm1gPBfVg==].com [https://r20.rs6.net/tn.jsp?llr=pcv9m5bab&et=1108918596224&s=47628&e=001xdDZszCalU5_9QOKSFqS96MHLChAz-YoWkbdzp1VoxynrpcTIeuyX-3UACkpDH_l2nyCvEQzfy2shI_5uIFn-vC0n1yUobQyTGmv_LEGfTR-URm1gPBfVg==].
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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. 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 and the availability of financing. 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.
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"Building for tomorrow, today."~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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Eastmain Resources Inc. | 50 Richmond St. East | Suite 101 | Toronto | Ontario | M5C 1N7 | Canada