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East Asia Minerals Announces a $4 Million Financing with a $2 Million Lead Order from Palisades Goldcorp to Advance Sangihe Gold Project to Production
(via TheNewswire) September 10, 2020 - TheNewswire - East Asia Minerals Corpora...
About this update from Baru Gold Corp
[{"type":"text","content":"East Asia Minerals Announces a $4 Million Financing with a $2 Million Lead Order from Palisades Goldcorp to Advance Sangihe Gold Project to Production(via TheNewswire)\n \n \nSeptember 10, 2020 - TheNewswire - East Asia Minerals Corporation (\"EAMC\" or the \"Company\") (TSXV:EAS) (OTC:EAIAF) is pleased to announce a $4 million private placement (the \"Private Placement\") with a $2 million lead order from Palisades Goldcorp. The private placement will consist of 26,666,666 units priced at $0.15 per unit (the \"Unit\"). Each unit will be comprised of one common share in the capital of the Company (a \"Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant shall be exercisable into one Share at an exercise price of $0.25 for 3 years from the date such Warrant is issued. \n\n\n \nThe first tranche of the financing is expected to close on or before September 17, 2020 with subsequent tranche closings following shortly thereafter. \n\n\n \nMr. Terry Filbert, CEO of EAMC, adds, \"With the granting of the AMDAL environment permits, our upcoming operation license application, and the funds raised from this private placement, East Asia is targeting 2021 for production start-up at the Sangihe gold project. With the start of production, EAMC will be able to showcase the strong cashflow ability of the Sangihe asset and our team's ability to execute. We're encouraged by the support of our long-term shareholders who have expressed interest in a sizable allocation of this financing and encourage interested investors to contact EAMC or your financial advisor for an allocation request.\"\n\n \n \nThe use of proceeds will be going towards Sangihe gold project, construction of a 100,000 tonnes heap leach operation, engineering, equipment purchases, consulting, and related professional fees of a start up mine operation. Subject to the final environmental permit being issued as well the Indonesian Government Operations Production License being granted, the Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved incre...