On March 9, 2020, Eastmain Resources Inc. closed the second and final tranche of its private placement for aggregate gross proceeds of approximately $3 million.
Pursuant to the private placement, Eastmain issued an aggregate of 8,200,000 units at a price of $0.10 per unit, 15,875,000 Quebec flow-through common shares at a price of $0.12 per Quebec flow-through share and 2,391,304 federal flow-through common shares at a price of $0.115 per federal flow-through share. Each unit consisted of one common share and one-half of one common share purchase warrant of Eastmain. Each warrant will entitle the holder to acquire one common share of Eastmain at a price of $0.13 for a period of two years from the closing date.
Cassels acted for Eastmain with a deal team that included Jennifer Campbell and Randall Blom (Securities and Mining).