Tickers: XTSX:EAS, PINX:EAIAF
May 14, 2020 - TheNewswire - East Asia Minerals Corporation (the "Company", "East Asia" or "EAS") (TSXV:EAS) (OTC:EAIAF) is pleased to announce that it has closed financing previously announced on March 27, 2020 for a total of $300,333.
The Company received aggregate gross proceeds of $167,273 the issuance of 4,779,228 units (the "Units") of the Company at a price of $0.035 per Unit. Each Unit will comprise one common share in the capital of the Company (each a "Share") and one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder to acquire one Share at a price of $0.06 and expires in 24 months from the closing date. All securities issued under the Private Placement will be subject to a hold period expiring four months and one day from the closing date.
Terry Filbert, chief executive officer of EAS, comments, "With the proceeds from this financing we are excited to start executing and advancing our announced milestones. With rising gold prices we believe the EAS assets will generate more interest as we start delivering on operational, environmental, and strategic updates."
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.
The securities distributed under the offering will be subject to a 4 month and 1 day hold period expiring on September 13, 2020.
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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