EACOM Timber Corporation Announces $30.0 Million Best Efforts Private Placement

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[{"type":"text","content":"\n\n\n Apr. 4, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nMONTRÉAL AND VANCOUVER, April 4 /CNW/ - EACOM Timber Corporation (TSX-V:\n ETR ) ("EACOM", or the "Company") is pleased to announce a private\n placement of 60,000,000 common shares (the "Common Shares") for gross\n proceeds of $30.0 million (the "Financing"). Each Common Share will be\n priced at $0.50. The Financing will be sold on a commercially\n reasonable best efforts basis conducted by a syndicate of agents led by\n Canaccord Genuity Corp. and including Dundee Securities Ltd. (the\n "Agents").\n\n\nThe Company has also granted the Agents an over-allotment option to sell\n up to an additional 10,000,000 Common Shares on the same terms and\n conditions as the Financing.  The over-allotment option is exercisable\n 48 hours prior to the closing of the Financing.\n\n\n"We are very pleased about this financing", said Rick Doman, President\n and CEO of EACOM. "It demonstrates the strong support that EACOM has\n for its current and future projects."\n\n\nThe net proceeds from the Financing will be used for working capital and\n general corporate purposes, including for potential acquisitions.\n\n\nThe Agents will receive a cash commission equal to 6.0% of the gross\n proceeds, and broker warrants in an amount equal to 6.0% of the number\n of Common Shares sold by the Agents. The Agents' warrants expire 24\n months after closing of the Fin...

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