East Asia Announces Increase to Financing and Warrant Acceleration
March 30, 2020 - East Asia Minerals Corp. (the "Company") (TSXV:EAS) (OTC:EAIAF) - Further to the Company's news release dated March 27, 2020, the Company has announced the increase to the offering to raise up to $300,000 from the sale of 8,571,429 units at $0.035 per unit (the "Offering"). 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 $0.06 per common share. The 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 $0.12 at any time commencing after (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 press release that the warrants have accelerated and provide new expiry dates in such press release. This clause may not be used to extend the expiry date of the warrants. Finder's fees may be payable to qualified individuals comprised of shares, warrants or cash or any combination thereof.
The Company has also revised the proposed net proceeds received from the Offering after payment of commissions are intended to be used by the Company to pay expenses related to the Company's property in Indonesia, settle payables and for working capital:
| ITEM | AMOUNT |
| Gross Proceeds | $300,000 |
| Jakarta Rent & Overhead | $11,200 |
| Vancouver Rent & Overhead | $36,400 |
| Legal Expenses | $42,000 |
| Environmental meeting & license issue expenses | $42,000 |
| Accounts Payable | $84,000 |
| Wages Jakarta | $42,000 |
| Management fees | $42,000 |
| Balance towards filing fees | $400 |
The foregoing transactions are subject to approval of the Exchange.
ABOUT EAST ASIA MINERALS CORPORATION
East Asia Minerals is a dynamic junior gold developer with two assets totaling combined resources of 3.3 million ounces NI 43-101 gold resources in Indonesia, one of the leading gold producer countries in the world. EAS plans to advance and permit Sangihe in near term and raise funds for a 1,000 ounces per month heap leach operation. With cashflow from operations the plan is to further expand resource through drilling and update the Company's current resources. The Company cautions readers that the any 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.
East Asia has a team of mining professionals in North America and locally in Indonesia with extensive experience in operating small scale gold and coal assets, working diligently to develop it's highly prospective project portfolio.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of East Asia Minerals Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
Per: "Terry Filbert"
Terry Filbert, CEO and Director
+1,206-890-8285
For investor contacts more information, please contact:
Kevin Shum
Investor Relations
info@eastasiaminerals.com
647-725-3888 ext 702
Neither 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
Forward-Looking and Cautionary Statements
This EAST ASIA MINERALS News Release may contain certain "forward-looking" statements and information relating to East Asia that is based on the beliefs of East Asia management, as well as assumptions made by and information currently available to East Asia management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements with respect to the expected use of proceeds of the Private Placement.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. East Asia does not assume the obligation to update any forward-looking statement.
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