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East Asia Minerals in Final Stages of Amdal Approval for Sangihe Gold Project, Indonesia, and $100,000 Financing
(via TheNewswire) TheNewswire - July 16, 2020 - East Asia Minerals Corporation ...
About this update from Baru Gold Corp
[{"type":"text","content":"East Asia Minerals in Final Stages of Amdal Approval for Sangihe Gold Project, Indonesia, and $100,000 Financing(via TheNewswire)\n \n \nTheNewswire - July 16, 2020 - East Asia Minerals Corporation (\"EAMC\" or \"The Company\") (TSXV:EAS) (OTC:EAIAF) is pleased to announce that the final environmental assessment study (AMDAL) has been submitted to the relevant environmental office in the Province of North Sulawesi. EAMC is anticipating the approval of the AMDAL and it to be issued by the authority within two weeks of this submission. \n\n \n \nThe approved AMDAL, together with the Indonesian Feasibility Study (IFS) from August 2018 which has been approved and completion of financial obligation to the government, are the requirements to upgrade the Sangihe Gold Project license to production operation stage. \n\n \n \nOnce EAMC obtains the production operation license, anticipated to be in Q3 2020, the Company will start on production financing and next steps to bring the Sangihe Gold project to operation. \n\n \n \nNON-BROKERED $100,000 FINANCING FOR AMDAL\n\n \n \nIn support of the preparation of the AMDAL permit, the Company will issue 909,091 worth of shares at $0.11 unit price for proceeds of $100,000 (the \"offering\") to top up AMDAL related professional fees, mining reclamation planning process at Sangihe, and working capital expenditures relating to the AMDAL.\n\n \n \nThe units will be taken by long-term EAS stakeholders and investors and is expected to close by July 27, 2020. Each unit is comprised of one (1) common share and one (1) share purchase warrant exercisable for a term of two years for the purchase of an additional common share at the prices of $0.15 per common share.\n\n \n \nThe exercise of the warrants shall be subject to the following acceleration provision: if for any ten (10) consecutive trading days the closing price of the Shares on the TSX Venture Exchange (the \"Exchange\") exceeds $0.19 at any time commencing (4) months after the Closing Date and until the expiry date of the warrants, then the remaining term of the warrants will be reduced to thirty (30) days, commencing after the end of such ten (10) consecutive trading day period. The Issuer will notify warrant holders by way of a press release that the warrants have accelerated and provide new expiry dates in such press release. This clause may n...