Further to East Asia Minerals Corp.’s news release dated March 27, 2020, the company has increased the offering to raise up to $300,000 from the sale of 8,571,429 units at 3.5 cents per unit. Each unit comprises one common share and one share purchase warrant exercisable for a term of two years for the purchase of an additional common share at the prices of six cents per common share. The exercise of the warrants shall be subject to the following acceleration provision.
If for any 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 Issuer will notify warrant holders by way of press release that the warrants have accelerated and provide new expiry dates in such press release. This clause may not be used to extend the expiry date of the warrants.
Finder’s fees may be payable to qualified individuals comprised of shares, warrants or cash or any combination thereof.
The Company has also revised the proposed net proceeds received from the Offering after payment of commissions are intended to be used by the Company to pay expenses related to the Company’s property in Indonesia, settle payables and for working capital:
ITEM AMOUNT Gross Proceeds $300,000 Jakarta Rent & Overhead $11,200 Vancouver Rent & Overhead $36,400 Legal Expenses $42,000 Environmental meeting & license issue expenses$42,000 Accounts Payable $84,000 Wages Jakarta $42,000 Management fees $42,000 Balance towards filing fees $400
The foregoing transactions are subject to approval of the Exchange.
About East Asia Minerals Corp.
East Asia Minerals is a dynamic junior gold developer with two assets totalling combined resources of 3.3 million ounces National Instrument 43-101 gold resources in Indonesia, one of the leading gold producer countries in the world. The company plans to advance and permit Sangihe in near term and raise finances for a 1,000-ounce-per-month heap leach operation.
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
For investor contacts more information, please contact:
647-725-3888 ext 702