Eastfield Resources arranges $1-million financing

Executive Summary

• Eastfield Resources Ltd. announced a non‑brokered private placement of up to 50 million units at C$0.02 per unit, targeting gross proceeds of up to C$1 million.
• Each unit consists of one common share and one warrant allowing purchase of an additional share at C$0.05 for two years from closing.
• Proceeds will fund exploration programs in British Columbia, general working capital, and limited investor‑relations services (capped at 10% of proceeds).

Key Details

• Offering Size: Up to 50 million units (≈C$1 million)
• Unit Composition: 1 common share + 1 warrant per unit
• Warrant Terms: Right to purchase one additional common share at C$0.05; exercisable for two years from closing
• Price per Unit: C$0.02
• Placement Type: Non‑brokered private placement (finder’s fees may be paid per TSX‑V rules)
• Regulatory Conditions: Subject to completion of formal documentation, TSX‑V acceptance, and all required regulatory approvals
• Insider Participation: Certain insiders may participate; details will be disclosed in the closing announcement
• Use of Proceeds:
• Exploration program on BC mineral projects
• General working capital
• Payments to non‑arm’s‑length parties for ongoing administrative services
• Investor‑relations activities (not to exceed 10% of total proceeds)
• Holding Period: Securities subject to a lock‑up expiring four months and one day after issuance, per Canadian securities law

Notable Quotes

(No quotes provided in the release.)