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Eastmain Resources raises C$11.1M from bought deal financing

EastmainResources Inc. said July 20 that it has raised C$11.1 million aftercompleting its previously announced boughtdeal offering, which initially aimed to raise C$10 million.

The company issued 9,803,000 flow through shares at 91.8Canadian cents each and 4,197,000 common shares, including the 2,237,000 sharesexercised under the underwriters' option, at 51 cents each.

Gross proceeds from the flow through shares are earmarkedfor exploration on the company's Quebec mineral concessions, which will berenounced to subscribers no later than Dec. 31.

The remaining amount from the offering will be used forexploration on portions of the Clearwatergold project in Quebec that do not form part of the existing Eau Claire depositand on its other projects in the Canadian province, such as the gold mine, theEleonore Southjoint venture and the RubyHill, Radisson,Lac Hudson andLac Lessardgold properties. Funds will also be used for general corporate purposes.

"With our 2016 exploration programs for Clearwater,Eastmain Mine and Eleonore South JV now fully-funded, we are excited tocommence drilling in the coming weeks," President and CEO Claude Lemassonsaid.