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Eastmain targets C$5M raising to fund exploration expenses in Canada

Eastmain Resources Inc. is raising C$5.0 million via a private placement to advance its Quebec mineral concessions and to satisfy Canadian exploration expenses.

The offering will include at least C$1.0 million of units at 23.5 Canadian cents apiece and Quebec flow-through shares at 30 cents apiece and federal flow-through shares at 28 cents per share to raise the remaining amount.

Each unit will comprise one common share and half of a purchase warrant, with each whole warrant exercisable to a common share for two years at 35 cents apiece.

Eastmain is actively exploring its wholly owned Clearwater and Eastmain gold projects and the Eleonore South gold joint venture with Goldcorp Inc. and Azimut Exploration Inc. in Quebec.

The offering is scheduled to close July 5.