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East Asia Minerals Corp. Announces Shares for Debt Transaction
(via TheNewswire) June 4 - TheNewswire - Vancouver, BC - East Asia Minerals Corpor...
About this update from Baru Gold Corp
[{"type":"text","content":"East Asia Minerals Corp. Announces Shares for Debt Transaction(via TheNewswire)\n \n \nJune 4 - TheNewswire - Vancouver, BC - East Asia Minerals Corporation. (the \"Company\" or \"EAS\") (TSXV:EAS) (OTC:EAIAF) reports that its board of directors has approved the settlement of up to $415,000 of debt through the issuance of common shares of the Company (the \"Debt Settlement\"). Pursuant to the Debt Settlement, the Company would issue up to 6,916,667 common shares of the Company (the \"Shares\") at a deemed price of $0.06 per Share to certain creditors of the Company, including certain directors and officers (the \"Creditors\")\n\n \n \nThe purpose of the debt settlement is to preserve cash and improve the Company's balance sheet. Terry Filbert, CEO stated that \"the settlements are also a strong indicator of the continued support and enthusiasm by the officers, directors, consultants have in the future of the Company\".\n\n \n \nThe issuance of the Shares to the Creditor is subject to the approval of the TSX Venture. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue. \n\n \n \nAs certain insiders participated in the Debt Settlement, it is considered to be a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transaction (\"Mi-61-101\"). All of the independent directors of the Company, acting in good faith, considered the transactions and determined that the fair market value of the securities being issued to insiders and the consideration being paid is reasonable. The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in section 5.5(a) and 5.7(a).\n\n \n \nEAST ASIA MINERALS CORPORATION\n\n \n \nPer: \"Terry Filbert\" \n\n\n \nTerry Filbert, Director\n\nPresident & CEO\[email protected] \n+1-206-890-8285\n\nFor investor contacts more information, please contact: \n\n\n \nKevin Shum\n\n\n \nInvestor Relations\n\n\n \[email protected] \n647-725-3888 ext 702\n\n \n \nNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.\...