East Asia Minerals Announces Closing of Financing
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2017) - East Asia Minerals Corp. (TSXV: 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
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
For further information, visit the Company's website at www.eaminerals.com
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds and the results of financing efforts, - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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