Business
East Asia Announces Increase to Financing and Warrant Acceleration
(via TheNewswire) TheNewswire - March 30, 2020 - East Asia Minerals Corporati...
About this update from Baru Gold Corp
[{"type":"text","content":"East Asia Announces Increase to Financing and Warrant Acceleration(via TheNewswire)\n \n \nTheNewswire - March 30, 2020 - East Asia Minerals Corporation (the \"Company\") (TSXV:EAS) (OTC:EAIAF) - Further to the Company's news release dated March 27, 2020, the Company has announced the increase to the offering to raise up to $300,000 from the sale of 8,571,429 units at $0.035 per unit (the \"Offering\"). Each unit is comprised of one (1) common share and one (1) share purchase warrant exercisable for a term of two years for the purchase of an additional common share at the prices of $0.06 per common share. The exercise of the warrants shall be subject to the following acceleration provision: if for any ten (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. \n\n \n \nFinder's fees may be payable to qualified individuals comprised of shares, warrants or cash or any combination thereof.\n\n \n \nThe 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:\n\n \n\nITEM\n\n\n\n\nAMOUNT\n\n\n\n\nGross Proceeds\n\n\n\n\n$300,000 \n\n\n \n \n\n\nJakarta Rent & Overhead\n\n\n\n\n$11,200\n\n\n\n\nVancouver Rent & Overhead\n\n\n\n\n$36,400\n\n\n\n\nLegal Expenses\n\n\n\n\n$42,000\n\n\n\n\nEnvironmental meeting & license issue expenses \n\n\n\n\n$42,000 \n\n\n\n\nAccounts Payable\n\n\n\n\n$84,000\n\n\n\n\nWages Jakarta\n\n\n\n\n$42,000 \n\n\n\n\nManagement fees\n\n\n\n\n$42,000 \n\n\n\n\nBalance towards filing fees\n\n\n\n\n$400\n\n\n \n \nThe foregoing transactions are subject to approval of the Exchange. \n\n \n \nABOUT EAST ASIA MINERALS CORPORATION\n\n\n \nEast Asia Minerals is a dynamic junior g...