Beat eggs, evaporated milk, sugar, rum extract, cinnamon and nutmeg in shallow dish until well blended. Place 4 slices of bread into egg mixture, turning over to evenly moisten both sides.
Meanwhile, spray large skillet with nonstick cooking spray; heat over medium heat. Transfer prepared bread to skillet in single layer. Cook for 3 minutes on each side or until golden brown.
Remove slices to serving platter. Repeat with remaining bread slices, spraying skillet with cooking spray if necessary. Sprinkle with powdered sugar. Serve immediately with syrup.