Tickers: XTSX:EAS, PINX:EAIAF
April 21, 2020 - TheNewswire - East Asia Minerals Corporation (the "Company") (TSXV:EAS) (OTC:EAIAF) - Further to the Company's news releases dated March 27, 2020 and March 30, 2020, the Company is pleased to announce the completion of 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.
EAST ASIA MINERALS CORPORATION
Per: "Terry Filbert"
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.
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