Eastern placement raises financing

Shareholders at the company’s annual meeting approved a $250,000 private placement involving 500,000 units at 50 cents per unit, Eastern Goldfields (COATS) says. The units are composed of shares and half-warrants. One full warrant, exercisable until March 1, 1992, purchases an additional share at 60 cents. The company, which is seeking a listing on the Alberta Stock Exchange, will use the bulk of the funding ($200,000) for an exploration program at its Shamrock gold prospect in Newfoundland.

The company also says it has completed a private placement to Tina Lawrence Management. The deal involved the issuance of 657,894 units and the cancellation of a $250,000 debt owed by the company to Tina.