VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 9, 2017) - East Asia Minerals Corporation (the "Company") (TSX VENTURE:EAS) is pleased to announce that, further to its news releases on January 25, 2017, it has completed its non-brokered private placement (the "Offering") of units (the "Units") of the Company for gross proceeds of $940,000.
The Company issued 94,000,000 Units pursuant to the Offering at a price of $0.01 per Unit. Each Unit is comprised of one common share of the Company (a "Common Share") and half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant is exercisable to acquire one Common Share (a "Warrant Share") for a period of five years following the date hereof at an exercise price of $0.05 per Warrant Share, subject to adjustment in certain events.
All securities issued in connection with the Offering, which include certain insider participation, are subject to a four month holder period expiring July 9, 2017.
One insider of the Company subscribed for 66,425,000 Units, which constituted a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transaction ("MI 61-101"). The issuance to such insider is exempt from the formal valuation and the minority shareholder approval requirements of MI 61-101 as the fair market value of the Units issued to or the consideration paid by such person did not exceed 25% of the Company's market capitalization.
Further to the news release dated January 25, 2017, Ed Rochette, David Anthony and Peter Sederowsky resigned as directors as of March 8, 2017 and each of Kim Oishi, Terry Filbert, Alan McMillan and Scott Chaykin has been appointed as directors of the Company, and Terry Filbert has been appointed as the Chief Executive Officer and Chairman of the Company.
EAST ASIA MINERALS CORPORATION
Terry Filbert, President & CEO
Neither the 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 of this release.