Eacom Timber Corporation (TSXV:ETR)
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MONTRÉAL AND VANCOUVER, April 20 /CNW/ --
MONTRÉAL AND VANCOUVER, April 20 /CNW/ - EACOM Timber Corporation (ETR:
TSX-V) ("EACOM", or the "Company") is pleased to announce that it has
closed its previously announced best efforts private placement, sold by
a syndicate of agents led by Canaccord Genuity Corp., and including
Dundee Securities Ltd. (collectively, the "Agents"). The financing
consisted of 69,122,500 common shares of the Company (the "Common
Shares") sold at $0.50 per Common Share for gross proceeds of
$34,561,250, including the partial exercise of the Agents'
over-allotment option for 9,122,500 Common Shares.
The net proceeds from the Financing will be used for working capital and
general corporate purposes, including for potential acquisitions.
The Agents will receive a cash commission equal to 6.0% of the gross
proceeds, and broker warrants in an amount equal to 6.0% of the number
of Common Shares sold by the Agents. The Agents' warrants expire 24
months after closing of the financing. All securities sold pursuant to
the financing will be subject to a statutory four month hold period.
About EACOM
EACOM Timber Corporation is a TSX-V listed company. EACOM owns seven
sawmills and an equity interest in an eighth sawmill, all located in
Eastern Canada, and related tenures. The mills are Timmins, Nairn
Centre, Gogama and Ear Falls in Ontario, and Val-d'Or, Ste-Marie and
Matagami in Quebec. The equity interest is in the Elk Lake sawmill
located in Ontario. The sawmills in Ear Falls, Ontario, and Ste-Marie,
Quebec, are currently idled. EACOM also owns one idle mill in Big
River, Saskatchewan. EACOM also owns a remanufacturing facility and a
50% interest in an "I" joist plant.
The TSX Venture Exchange has neither approved nor disapproved the
content of this press release. All director and officer appointments
are subject to TSX Venture Exchange approval.
Forward-Looking Statements
All statements in this news release that are not based on historical
facts are "forward-looking statements." While management has based any
forward-looking statements contained herein on its current
expectations, the information on which such expectations were based may
change. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
risks, uncertainties, and other factors, many of which are outside of
our control that could cause actual results to materially differ from
such statements. Such risks, uncertainties, and other factors include,
but are not necessarily limited to, those set forth under the captions
"Risk Factors" of the Filing Statement dated January 8, 2010 and the
current MD&A for EACOM Timber Corporation on file with the Canadian
Securities Commissions.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/April2011/20/c5701.html
table border="0" tr td bInvestors:/bbr/ Marc Girardbr/ Executive Vice-President and Chief Financial Officerbr/ (514) 848-5133 /td /tr tr td bMedia Relations:/bbr/ Frédéric Bérardbr/ HKDPbr/ (514) 917-1040 /td /tr /table p /p