Replies to post #6493 on Canadian Stocks

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EAS.v $EAIAD $EAIAF East Asia increases placement to $300,000

2020-03-30 19:13 ET - News Release


Mr. Terry Filbert reports

EAST ASIA ANNOUNCES INCREASE TO FINANCING AND WARRANT ACCELERATION

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 CORPORATION

East Asia Minerals is a dynamic junior gold developer with two assets totaling combined resources of 3.3 million ounces NI 43-101 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 1,000 ounces per month heap leach operation. With cashflow from operations the plan is to further expand resource through drilling and update the Company's current resources.

We seek Safe Harbor.

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