East Asia Minerals Corp. has completed the first tranche of a private placement offering in the amount of $133,059.99.
The company announced on 27 March that it had arranged a private placement offering to raise up to $250,000 from the sale of 7,142,857 units at 3.5 cents per unit. However, three days later it increased the offering to raise up to $300,000 from the sale of 8,571,429 units at 3.5 cents per unit.
East Asia Minerals will pay a finder’s fee of $735 in cash commission and 21,000 broker’s warrants. The securities distributed under the offering will be subject to a four-month and one-day hold period expiring on 18 August 2020.
Terry Filbert, chief executive officer of East Asia Minerals, commented, “This represents a new step forward for EAS and we aim to close the rest of the financing imminently to advance our permitting on Sangihe.”
The company intends to use the proceeds of the private placement to advance the Sangihe project in Indonesia, open heap leach gold resource, environmental reporting, project licenses, and general corporate working capital purposes.
The private placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including acceptance of the TSX Venture Exchange.