East Asia Minerals Announces $2M Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 2, 2018) - East Asia Minerals Corporation (TSXV: EAS) (East Asia Minerals or the "Company") announces a private placement raising $2,000,000 through an offering of 33,333,333 units (the "Units") at $0.06 per Unit (the "Offering") where each Unit consists of one common share in the capital of the Company (a "Share") and one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder to purchase one additional common share in the capital of the Company (a "Warrant Share") at a price of $0.12 per Warrant Share for a period of 2 years from the closing of the Offering.
The Company may pay eligible finders a finder's fee of cash, warrants or a combination of both.
The net proceeds of the Offering after payment of commissions will be used by the Company to pay expenses related to the exploration and development of the Company's properties in Indonesia, settle payables and for working capital. Specifically, the exploration and development expenses will fund the development of Sangihe Project and other business developments.
"We are very pleased to announce this financing which to advance the development of the Sangihe project, including but not limited to the construction of the future heap leach pads and the processing plant" said Terry Filbert, CEO of East Asia Minerals Corp. "We look forward to updating shareholders as we progress."
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company's performance or events as of the date hereof. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.