Vancouver – Goldcorp (G-T, GG-N) has boosted its interest in Eastmain Resources (ER-T, EANRF-O) by way of a $3.4-million private placement in the Quebec-focused junior.
Goldcorp will purchase two million units (each comprised of a share and a half-warrant) at 70 apiece plus two million flow-through units (each comprised of a flow-through share and a one-half a flow-through warrant) at $1.00 apiece.
The placement will give Goldcorp a 9.95% position (6.5 million shares) in Eastmain. Exercise of all warrants would boost the senior’s interest to about 12.6%. The duo has also extended its strategic alliance for a further five years, under which Goldcorp will not sell any of its Eastmain shares.
Additionally, the companies have entered into a three-way joint venture agreement with Azimut Exploration (AZM-V, AZMTF-O) for specific projects in the James Bay region of northwestern Quebec. At least $2 million of Goldcorp’s invested funds are to be allocated to the joint venture’s Eleonore South project.
Be the first to comment on "Goldcorp increases stake in Eastmain (June 13, 2006)"