East Asia Minerals will use $10 million raised from a private placement to fund further exploration and development of the Miwah project in Aceh Province, northern Sumatra.
The placement was made through a syndicate of underwriters led by RBC Capital Markets and including Jennings Capital and Cormark Securities. There were 3.45 million common East Asia shares sold for proceeds of $10.005 million.
East Asia is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the company has a 70 to 85% interest in six advanced gold and gold-copper properties in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi.
The company owns seven uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia.