Business
East Asia Minerals Lists with OCMX and offers USD$5 million Secured Promissory Notes
(via TheNewswire) March 1, 2019 / TheNewswire / Vancouver, British Columbia -...
About this update from Baru Gold Corp
[{"type":"text","content":"East Asia Minerals Lists with OCMX and offers USD$5 million Secured Promissory Notes(via TheNewswire)\n \n \nMarch 1, 2019 / TheNewswire / Vancouver, British Columbia - East Asia Minerals Corporation. (the `Company` or `EAS`) (TSX-V) is pleased to announce that it has entered into a credit listing arrangement with Optimize Capital Markets (OCMX) of Toronto to secure a credit facility loan for up to USD$5,000,000 which will be approximately CAD$6,500,000.\n\n \n \nThe Company is offering up to 20 Secured Promissory Notes with a face value of USD$250,000 each (the \"Notes\"). The minimum amount of the offering and first closing will occur upon the receipt of subscriptions for 4 of the Notes. The final closing for the offering will occur upon the receipt of total subscriptions for 20 of the Notes, or earlier at the Company's discretion. \n\n \n \nThe Note terms will be governed by a credit facility agreement. The contemplated credit facility will have a maturity of 48 months from the date of the first closing. The Notes will bear interest at a rate of 11% per annum. The terms of repayment will be interest only for 48 months with the outstanding principal due with the 48th month's interest payment. EAS can, at its sole discretion, elect to repay the Notes after 36 months and before the 48th month. If EAS elects to repay the Notes early, EAS will, in addition to the principal and interest then due, pay a pre-payment penalty of 2% on the outstanding principal at the time of early repayment. \n\n \n \nThe Notes will be secured against the interest of EAS in the Sangihe (Indonesia) mining project through a mortgage granted against the shares held by EAS in its wholly owned Canadian subsidiary, Sangihe Gold Corporation. Sangihe Gold Corporation holds a 70% interest in PT TMS, an Indonesian company, which wholly owns the exploration and exploitation license for the Sangihe mining project.\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 w...