East Asia Minerals Enters into $17,500,000 Million Credit Facility Agreement and 1st Tranche of Private Placement

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[{"type":"text","content":"East Asia Minerals Enters into $17,500,000 Million Credit Facility Agreement and 1st Tranche of Private Placement(via TheNewswire)\n \n \nVancouver, British Columbia / TheNewswire / June 1, 2018 - East Asia Minerals Corporation (the `Company` or `EAS`) (TSX-V: is pleased to announce that it has entered into an arrangement with Isatis Capital Group of Montreal to secure a credit facility loan for up to $17,500,000 (USD$13,500,000)\n\n \n \nThe contemplated credit facility arranged will have a maturity of 48 months with EAS being able to terminate the loan at 36 months with a 2% penalty on remaining funds 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% and will consist of interest only payments for the first 18 months of its tenure. The loan, at the discretion of the lender(s) is convertible to 99.9 gold bullion as a vehicle of re-payment with 12 months advanced notice and contained within a formal offtake agreement.\n\n \n \nThe credit facility will be made available to EAS through the issuance in the United States of secured and convertible notes maturing at 48 months relying up rule 506 (c) of Regulation D promulgated under the Securities Act, 1933 as amended.\n\n \n \nThe financing described herein is contingent to market conditions and regulatory approval in United States and Canada.\n\n \n \nFunds will be used to bring the Sangihe Gold Project into production, exploration and infill drilling of the Binebase / Bawone Corridor to increase both resources and reserves as well as general working capital. \n\n \n \nThe Company's has completed the Indonesian Feasibility Study (IFS) and AMDAL Environmental reports and once they are submitted and accepted by the Indonesian Mining Department (MEMR), construction of the mining facilities and infrastructure can begin at the Sangihe project. The company anticipates making a decision for gold processing and production to begin in 2018. The Indonesian Feasibility Study is not a Feasibility Study as defined by CIM as required by NI 43-101 but is required under Indonesian law in order to obtain a licence to construct a production facility. The IFS will be re-issued within 30 days as a Pre-Feasibility Study which will identify if all or part of the Mineral Resource may be converted to a Mineral Reserve a...

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