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East Asia Minerals closes 2nd tranche of placement

Published by , Assistant Editor
Global Mining Review,

Canadian mineral resource exploration company East Asia Minerals Corporation (East Asia Minerals) has completed the second tranche of the private placement offering of 5 680 000 units for total proceeds of US$284 000.

The company will pay finders’ fees of US$21 250 and 390 000 brokers warrants.

All of the securities distributed under the offering are subject to a four-month hold period expiring 14 January 2019.

The company is continuing with a private placement raising up to US$2 000 000 under the same terms previously announced (an offering of 40 000 000 units at US$0.05 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 warrant will entitle the holder to purchase one additional common share in the capital of the company (a warrant share) at a price of US$0.10 per warrant share for a period of 2 years from the closing of the offering).

The net proceeds of the offering after payment of commissions will reportedly be used by the company for working capital expenditures related to the Sangihe project and general operating costs during the final stages of closing the credit facility loan of up to US$13 500 000 announced on 31 May 2018.

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