pcNewsWire – East Asia Minerals Corporation (TSX-V: EAS) has closed previously announced non-brokered private placement of 27,519,668 units at $0.12 per unit for gross proceeds of $3,302,360.
Press Release
East Asia Minerals Announces Closing of Financing
VANCOUVER, BC / ACCESSWIRE / May 8, 2017 / East Asia Minerals Corporation (TSX-V: EAS) (the “Company”), announces that announces that it has closed a non-brokered private placement of 27,519,668 units of the Company (the “Units”) at $0.12 per Unit for gross proceeds of approximately $3,302,360 (the “Offering”).
Each Unit consists of one common share in the capital of the Company (a “Share”) and one-half of a share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one additional common share in the capital of the Company (a “Warrant Share”) at a price of $0.50 per Warrant Share for a period of five years from the closing of the Offering.
The Company has paid eligible finders a cash commission in the aggregate amount of approximately $208,695 and 1,739,127 finders warrants (“Finders Warrants”) on the Offering within the amount permitted by the policies of the TSX Venture Exchange (the “Exchange”). Each Finders Warrant entitles the holder to purchase one common share in the capital of the Company at a price of $0.12 for a period of two years from the closing of the Offering. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The net proceeds of the Offering after payment of commissions will be used by the Company to pay expenses related to the Company’s properties in Indonesia, settle payables and for working capital.
“We are very pleased to close this financing which provides East Asia Minerals with the resources needed to complete the regulatory reports required to bring Sangihe current. In addition, our team has taken initial steps towards addressing the legal and forestry issues of Miwah” said Terry Filbert, CEO of East Asia Minerals Corp. “We look forward to updating shareholders as we progress.”
For further information please contact:
Ward Kondas
778-918-8384
wkondas@gmail.com
For further information, visit the Company’s website at www.eaminerals.com
East Asia Minerals Corporation
Terry Filbert, 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.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
SOURCE: East Asia Minerals Corporation
