Business
East Asia Minerals Closes Final Tranche of Private Placement with Insider Participation
(via TheNewswire) Vancouver, British Columbia / TheNewswire / November 14, 2018...
About this update from Baru Gold Corp
[{"type":"text","content":"East Asia Minerals Closes Final Tranche of Private Placement with Insider Participation(via TheNewswire)\n \n \nVancouver, British Columbia / TheNewswire / November 14, 2018 - East Asia Minerals Corporation (TSXV: EAS) (East Asia Minerals or the \"Company\") announces that the Company has completed the final tranche of the private placement with an offering of 4,890,000 units for total proceeds of $244,500. There are no finders' fees payable for this tranche. \n\n \n \nAll of the securities distributed under the offering are subject to a four-month hold period expiring March 14, 2019.\n\n \n \nThe Company CEO, Terry Filbert, participated in this final tranche for a total of 3,400,000 units for total proceeds of $170,000.\n\n \n \nTerry Filbert commented \"A total of one million seven thousand dollars was raised in the last four tranches which enabled the Company to use the net proceeds of the Offering (after payment of commissions) for completion the Indonesian Feasibility Study and Environmental reports to upgrade the Sangihe license to production status, working capital, and to settle payables while keeping the dilution of the current shareholders to a minimum. We hope to receive the Sangihe license upgrade after we complete the final meeting with the Indonesian mining department (MMER) this month. In addition, we will finalize our previously announced US$15,000,000 credit facility, which will expedite the construction of a production facility at our Sangihe project. I am very excited about the future of the Company and therefore wanted to be a part of the current private placement and look forward to an extremely busy next year which is a result of the hard work our team put in this year!\"\n\n \n \nThe 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 increased uncertainty and various technological and economic risks outlined in the \"forward looking statement\" below.\n\n \n \nSangihe Project\n\n\n \n\nThe Sangihe gold-copper project is located on the island of Sangihe off the northern coast of Sulawesi and has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of Gold. The Compan...