Eastmain Completes the Second and Final Tranche of the Offering

Eastmain Resources Inc. (TSX:ER) (the “Company” or “Eastmain”) is pleased to announce it has closed the second and final tranche of the previously announced private placement (the “Offering”) for aggregate gross proceeds of approximately C$3,000,000. The final tranche is in the amount of $350,000 and consisted entirely of Hard Units.

Pursuant to the Offering, the Company issued an aggregate of 8,200,000 units (“Hard Units”) at a price of $0.10 per Hard Unit, 15,875,000 Quebec flow-through common shares of the Company (the “Quebec FT Shares”) at a price of $0.12 per Quebec FT Share and 2,391,304 federal flow-through common shares of the Company (the “Federal FT Shares”) at a price of $0.115 per Federal FT Share. Each Hard Unit consisted of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for two years from the closing of the Offering at a price of $0.13.

The net proceeds from the sale of the Hard Units will be used to fund the exploration and development of the Company’s Québec mineral concessions and for general corporate and working capital purposes. The gross proceeds received by the Company from the sale of the Quebec FT Shares and Federal FT Shares will be used to fund the exploration and development of the Company’s Québec mineral concessions, and will be renounced to the subscribers with an effective date no later than December 31, 2020.

All securities issued and issuable pursuant to the second tranche of the Offering are subject to a statutory hold period expiring July 10, 2020. The Offering remains subject to the final approval of the Toronto Stock Exchange. Insiders of the Company purchased, directly and indirectly, an aggregate of 1,902,173 Units. In connection with the Offering, Eastmain has issued 315,000 Hard Units of the Company as finder’s units, also subject to the statutory hold period.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.