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East Asia Minerals Completes All Lending Requirements on $17.5 Million Credit Facility
(via TheNewswire) EAST ASIA MINERALS COMPLETES ALL LENDING REQUIREMENTS ON $17.5 MI...
About this update from Baru Gold Corp
[{"type":"text","content":"East Asia Minerals Completes All Lending Requirements on $17.5 Million Credit Facility(via TheNewswire)\n \n \nEAST ASIA MINERALS COMPLETES ALL LENDING REQUIREMENTS ON $17.5 MILLION CREDIT FACILITY\n\n \n \nJuly 19, 2018 \n\n\n \nSymbol: EAS\n\n \n \nVancouver, British Columbia / TheNewswire / - East Asia Minerals Corporation (the \"Company\") (EAS:TSX.V, EAIAF:OTCBB) is pleased to provide shareholders with an update on the $17.5 Million (CAD) credit facility structure in cooperation with Montreal based Isatis Capital Group Inc (ISATIS).\n\n\n \nIsatis has successfully completed the due diligence process for the $17.5 million credit facility agreement which was announced at the beginning of June. The due diligence included a site visit to the Sangihe mine, accompanied by East Asia Minerals CEO, Mr. Terry Filbert. All lending requirements have been successfully met.\n\n\n \nCEO Terry Filbert said: \"This funding solution enables East Asia Minerals to move forward aggressively on plans to begin production on the Sangihe property to generate revenue and positive cash flow for the company. This credit facility will also enable us to begin exploration and infill drilling of the Binebase/Bawone corridor to increase both resources and reserves, as well as for general working capital. This will put the company on a fast track to increase shareholder value in a non-dilutive manner.\" The Company cautions readers that the 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 \nCredit Facility Terms\n\n\n \nEast Asia Minerals Corp. has entered into an arrangement with Isatis Capital Group of Montreal to secure a credit facility loan for up to $17.5-million ($13.5-million (U.S.).\n\n\n \nThe contemplated credit facility will have a maturity of 48 months, with East Asia Minerals being able to terminate the loan at 36 months with a 2 percent penalty on remaining money owed, and will be secured by a universal deed of hypothec over the Sangihe project in Indonesia. The loan will have an interest rate of 8 percent and will consist of interest-only payments for the first 18 months o...