August 24, 2020 - TheNewswire - East Asia Minerals Corporation ("EAMC" or "The Company") (TSXV:EAS) (OTC:EAIAF) would like to advise current warrant holders to check their warrants for expiry dates and accelerated exercise clauses.
The Company advises warrant holders that there are 5,040,000 warrants expiring September 13, 2020, 4,168,900 warrants expiring October 11, 2020, and 4,300,000 warrants expiring November 13, 2020.
Also, for those investors who recently participated in the private placement that closed on April 17, 2020, please note that there are 3,822,714 warrants exercisable at $0.06 that have an accelerated exercise clause.
If for any ten (10) consecutive trading days the closing price of the Shares on the TSX Venture Exchange (the "Exchange") exceeds $0.12 at any time commencing after (4) months after the Closing Date and until the expiry date of the warrants, then the remaining term of the warrants will be reduced to thirty (30) days, commencing after the end of such ten (10) consecutive trading day period.
The stock price has been above $0.12 since the warrants became exercisable on August 17, 2020. The Company will notify warrant holders by way of a press release when the warrants have accelerated and provide new expiry dates in a future press release.
Terry Filbert, (CEO for East Asia) commented, "We would like to thank the shareholders who have supported us over the last three years, and are delighted for those that have realized a good return on not only their original investment but now on the exercise of the warrants. Our plan is to continue to increase shareholder value as we work hard to achieve our ultimate goal of production at the Sangihe gold project. In the last few weeks, several warrant holders have exercised their warrants. This extra cash flow has aided the Company in accelerating our execution of advancing Sangihe gold project towards production license and financing."
With the funds received on warrant exercises to date, the company has:
-.Signed an agreement to begin the land survey work required for the land acquisition (as announced on August 20, 2020).
-.Completed the mining reclamation plan.
-.Paid all of the ancillary financial obligations required to obtain the production permit.
Before the production licence is issued the Company must pay US$400,000 for past and current deadrent, which is the annual mining licence tax paid to the federal government based on a cost per hectare for the area assigned in the contract Sangihe gold area. The Company plans to use funds received from the warrant exercises to pay this financial obligation. 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.
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold-copper project is located on the island of Sangihe off the northern coast of Sulawesi and has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of Gold as reported in the Company's "Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia" dated May 30, 2017. Only 10% of the gold bearing area has been explored. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company's 70-percent interest in the Sangihe-mineral-tenement contract of work ("CoW") is held through PT Tambang Mas Sangihe (PTTMS). The remaining 30-percent interest in PTTMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.
ABOUT EAST ASIA MINERALS CORPORATION
East Asia Minerals is a dynamic junior gold developer with NI43-101 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 heap leach operation. 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 starting and operating small-scale gold and coal assets. With the team in place, East Asia plans to raise capital and market awareness 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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