Vancouver, British Columbia – East Asia Minerals Corporation (the “Company”) (EAS:TSX.V, EAIAF:OTCBB) announces that it has granted an aggregate amount of 3,298,572 stock options to directors, management, employees and consultants of the company in accordance of the provisions of the company’s stock option plan, subject to approval of the TSX Venture Exchange. Each option entitles the holder to purchase one common share of the company at an exercise price of $0.05 for a five-year period.
Further to the news release dated June 20, 2018, the Company is still proceeding with a private placement raising up to $2,000,000 under the same terms previously announced (an offering of 40,000,000 units (the “Units”) at $0.05 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 $0.10 per Warrant Share for a period of 2 years from the closing of the Offering).
The net proceeds of the Offering after payment of commissions will be used by the Company for working capital expenditures related to the Sangihe Project during the final stages of closing the credit facility loan of up to $17,500,000 (USD$13,500,000) announced on May 31, 2018.
On behalf of the Board of Directors of East Asia Minerals,
Chairman & CEO
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.