Eastmain Resources Inc. (TSX:ER) announced a non-brokered private placement of up to CAD 2 million on October 9, 2019. The company will issue 4,166,667 hard units at a price of CAD 0.12 per hard unit for gross proceeds of CAD 500,000. Each hard unit will consist of one common share and one-half of one common share purchase warrant. Each warrant will entitle the holder to acquire one common share for two years from the closing of the transaction at an exercise price of CAD 0.16. The company will issue any combination of hard units and flow-through shares in any combination of Quebec flow-through common shares at a price of CAD 0.155 per Quebec FT Share, and Federal flow-through common shares at a price of CAD 0.145 per Federal flow-through common share. The company retains the ability to increase the size of the transaction by issuing any combination of hard units, Federal FT Shares and/or Quebec flow-through shares in such proportion as the company may determine, exercisable at any time until 48 hours prior to closing, to cover over-allotments, if any, subject to the receipt of applicable regulatory approvals. The transaction is expected to close on or about October 23, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities. The company has agreed to pay a finder's fee to certain eligible registrants assisting in the transaction in an amount equal to 5% of the gross proceeds raised by such finders, which finder's fee shall be satisfied by the issuance of hard units to such finders at a deemed price of CAD 0.12 per hard unit.