Eastmain Resources (TSE:ER) said late Friday it has completed its previously announced private placement of 2.6 million flow through common shares at a price of $2.20 each, for gross proceeds of $5.75 million.
Oberon Capital Corporation, Casimir Capital, Macquarie Capital Markets, and Stonecap Securities acted as agents in the offering, and received a fee equal to six percent of the gross proceeds of the financing, as well as non-transferable broker warrants, the company said.
The placement was completed at an 80 percent premium to yesterday's closing price.
The new funds will be used to accelerate drilling on new discoveries found at the Clearwater project in James Bay, Quebec. 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, Eastmain said.
In November, the company announced more drilling and trenching results from Clearwater, confirming high grade gold within the Gap and 850 West Zones, well outside the limits of the previous gold resource for the Eau Claire deposit.
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