Vancouver, British Columbia--(Newsfile Corp. - February 2, 2018) - East Asia Minerals Corporation (TSXV: EAS) (East Asia Minerals or the "Company") announces a private placement raising $2,000,000 through an offering of 33,333,333 units (the "Units") at $0.06 per Unit (the "Offering") where each Unit consists of one common share in the capital of the Company (a "Share") and one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder to purchase one additional common share in the capital of the Company (a "Warrant Share") at a price of $0.12 per Warrant Share for a period of 2 years from the closing of the Offering.
The Company may pay eligible finders a finder's fee of cash, warrants or a combination of both.
The net proceeds of the Offering after payment of commissions will be used by the Company to pay expenses related to the exploration and development of the Company's properties in Indonesia, settle payables and for working capital. Specifically, the exploration and development expenses will fund the development of Sangihe Project and other business developments.
"We are very pleased to announce this financing which to advance the development of the Sangihe project, including but not limited to the construction of the future heap leach pads and the processing plant" said Terry Filbert, CEO of East Asia Minerals Corp. "We look forward to updating shareholders as we progress."
