TORONTO, Ontario, Dec. 20, 2004 (PRIMEZONE) -- Eastmain Resources Inc. ("Eastmain") (TSE:ER) announced today that it is undertaking a non-brokered financing consisting of up to 4,300,000 flow-through units, on a private placement basis subject to regulatory approval, at $0.70 per unit for an aggregate gross proceeds of up to $3,010,000. Each unit will consist of one common share and one half of a common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share at a price of $0.85 per share for a period of 12 months following the closing of the offering. Canaccord Capital Corporation has acted as a financial advisor in connection with this "best effort basis" offering. Management proposes to subscribe for up to $75,000 of the offering.
Each unit shall consist of one flow through share at an exercise price of $0.70 and one-half of one share purchase warrant at an exercise price of $0.85 per share for a period of 12 months.
Proceeds of the offering will be used for exploration on the Corporation's MegaTEM Joint Venture Project with Noranda, its 50% option on the Reserve Creek Gold project, located in northwestern Ontario and on its gold projects within the James Bay region, Quebec.