Vancouver, British Columbia – East Asia Minerals Corporation (TSXV: EAS) (East Asia Minerals or the “Company”) announces that the Company has completed the final tranche of the private placement with an offering of 4,890,000 units for total proceeds of $244,500. There are no finders’ fees payable for this tranche.
All of the securities distributed under the offering are subject to a four-month hold period expiring March 14, 2019.
The Company CEO, Terry Filbert, participated in this final tranche for a total of 3,400,000 units for total proceeds of $170,000.
Terry Filbert commented “A total of one million seven thousand dollars was raised in the last four tranches which enabled the Company to use the net proceeds of the Offering (after payment of commissions) for completion the Indonesian Feasibility Study and Environmental reports to upgrade the Sangihe license to production status, working capital, and to settle payables while keeping the dilution of the current shareholders to a minimum. We hope to receive the Sangihe license upgrade after we complete the final meeting with the Indonesian mining department (MMER) this month. In addition, we will finalize our previously announced US$15,000,000 credit facility, which will expedite the construction of a production facility at our Sangihe project. I am very excited about the future of the Company and therefore wanted to be a part of the current private placement and look forward to an extremely busy next year which is a result of the hard work our team put in this year!”
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.
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. 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 unaffiliated Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.
On behalf of the Board of Directors of East Asia Minerals,
Chairman & CEO
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Or visit the Company’s website at www.eastasiaminerals.com
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.