EAST ASIA MINERALS COMPLETES 1ST TRANCHE OF FINANCING
Further to East Asia Minerals Corp.’s news releases dated March 27, 2020, and March 30, 2020, the company has completed the first tranche of the private placement offering in the amount of $133,059.99.
The Company will pay a finder’s fee of $735 in cash commission and 21,000 broker’s warrants.
The securities distributed under the offering will be subject to a 4 month and 1 day hold period expiring on August 18, 2020.
Terry Filbert, Chief Executive Officer of EAS, comments, “This represents a new step forward for EAS and we aim to close the rest of the financing imminently to advance our permitting on Sangihe.”
The Company intends to use the proceeds of the Private Placement to advance the Indonesian project Sangihe open heap leach gold resource, environmental reporting, project licenses, and general corporate working capital purposes.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including acceptance of the TSX Venture Exchange
ABOUT EAST ASIA MINERALS CORPORATION
East Asia Minerals is a dynamic junior gold developer with two assets totaling combined resources of 3.3 million ounces NI 43-101 gold resources in Indonesia, one of the leading gold producer countries in the world. EAS plans to advance and permit Sangihe in near term and raise funds for a 1,000 ounces per month heap leach operation. With cashflow from operations, the plan is to further expand resources through drilling of the Company’s projects.
The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks outlined in the “forward looking statement” below.
East Asia has a team of mining professionals in North America and locally in Indonesia with extensive experience in operating small scale gold and coal assets, working diligently to develop it’s highly prospective project portfolio.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of East Asia Minerals Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
For investor contacts more information, please contact:
647-725-3888 ext 702