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East Asia Minerals Closes Second Tranche of $4.4 Million Financing for Proceeds of $2.3 Million for Sangihe Gold Project
(TheNewswire) TheNewswire - October 2, 2020 - East Asia Minerals Corp...
About this update from Baru Gold Corp
[{"type":"text","content":"East Asia Minerals Closes Second Tranche of $4.4 Million Financing for Proceeds of $2.3 Million for Sangihe Gold Project\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n TheNewswire -\n \n \n October 2, 2020 -\n \n \n East Asia Minerals Corporation (the\n\"Company\", \"East Asia\" or \"EAS\")\n(TSXV:EAS)\n \n \n (OTC:EAIAF)\n \n \n is pleased to announce that it has\nclosed an additional $2.3 million of the $4.4 million financing\npreviously announced on September 10\n \n \n th\n \n \n , 2020. Due to\nsignificant investor interest in the financing, on September 17, 2020,\nthe Company announced the increase of the financing to 29,333,333\nunits priced at $0.15 per unit for an aggregate of $4.4 million.\n \n \n Each unit will be comprised of one common share\nin the capital of the Company (a \"Share\") and one common\nshare purchase warrant (a \"Warrant\"). Each Warrant shall be\nexercisable into one Share at an exercise price of $0.25 for 3 years\nfrom the date of issuance.\n \n \n \n \n The Company received aggregate gross proceeds of\n$2,313,998.55 for the issuance of 15,426,657 units. All securities\nissued in the second tranche of the private placement will be subject\nto a four-month hold period expiring January 30, 2021.\n \n \n \n \n The Private Placement is subject to certain conditions\nincluding, but not limited to, the receipt of all necessary regulatory\napprovals, including acceptance of the TSX Venture Exchange.\n \n \n \n This news release shall not\nconstitute an offer to sell or the solicitation of an offer to buy nor\nshall there be any sale of the securities in any state in which such\noffer, solicitation or sale would be unlawful. The securities have not\nbeen registered under the United States Securities Act of 1933, as\namended, and may not be offered or sold in the United States absent\nregistration or an applicable exemption from the registration\nrequirements.\n \n \n \n \n \n In consideration for their services, the Company has\npaid the Finders a total of $47,081.99 in cash commission, an amount\nequal to 6.0% of the gross subscription proceeds raised and is in\naccordance with the policies of the TSX Venture Exchange\n \n \n \n \n \n Mr. Terry Filbert, CEO and President of\nEast Asia, comments, \"Along with our recent warrant exercises,\nthis additional capital allows EAS to fully construct and build ou...