trending Market Intelligence /marketintelligence/en/news-insights/trending/mZJZNIZXszs4pfXPQ5l1nQ2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Integra Gold investing C$6M in Eastmain Resources

Blog

Top electric vehicle markets dominate lithium-ion battery capacity growth

Blog

Message in a (Word)Cloud

Blog

Essential Metals & Mining Insights - January 2021

Industry Top Trends 2021: Metals and Mining


Integra Gold investing C$6M in Eastmain Resources

Integra Gold Corp.will make a C$6 million investment in EastmainResources Inc. via a private placement of flow-through common sharesand units, a move that will see Integra become a 9.9% owner of Eastmain.

Under the terms, Integra will purchase 3.1 million flow-throughcommon shares of Eastmain at 50 Canadian cents each for gross proceeds of aboutC$1.6 million, and 12.8 million units at 35 cents each for gross proceeds of approximatelyC$4.5 million.

Each unit will consist of 1 common share and 0.5 of a commonshare purchase warrant. Each whole warrant will entitle the holder to acquire anadditional common share at 50 cents for 30 months from closing.

Integra will have the right to cancel its subscription for flow-throughcommon shares and to increase unit subscriptions to 14.95 million units.

In addition, both companies will work to propose a new slateof directors on Eastmain's board at an upcoming annual general meeting April 29.The nominees will include Integra President and CEO Stephen de Jong, Integra ExecutiveChairman George Salamis, Claude Lemasson, Laurence Curtis, Michael Hoffman, BlairSchultz and Timo Jauristo.

Lemasson will also assume the role of interim president and CEOof Eastmain.

In connection with the Integra investment, Eastmain plans toundertake a placement of about 9.5 million flow-through common shares at 50 centseach for C$4.8 million in proceeds, and a placement of 1 million units at 35 centsapiece for C$350,000, with other arm's length purchasers.

If completed, the combined financings will raise total proceedsof C$11.1 million, which will be used to advance further work on the gold project inQuebec, specifically the Eau Claire deposit.

In late March, ColumbusGold Corp. said it wouldnominate five new directors to Eastmain's board as it was dissatisfiedwith Eastmain's progress in advancing its projects, particularly the Clearwaterproperty.