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| | July 13, 2011
East Asia Minerals Announces Completion of $10 Million Underwritten Private Placement of Common Shares
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| | Not for Release, Publication or Distribution in the United States
For Immediate Release, July 13, 2011 TSXV: EAS
VANCOUVER, B.C. -- July 13, 2011 -- East Asia Minerals Corporation (TSXV-EAS) is pleased to announce the completion of the private placement previously announced on June 28, 2011. Through a syndicate of underwriters led by RBC Capital Markets and including Jennings Capital Inc. and Cormark Securities Inc. (collectively the "Underwriters"), 3,450,000 common shares of the Company (the "Common Shares") were purchased on an underwritten private placement basis at a price of $2.90 per Common Share for aggregate gross proceeds of $10,005,000 (the "Offering"). The net proceeds of the Offering will be used primarily for exploration and development at the Company's Miwah property and for general working capital purposes.
As consideration for their services in connection with the Offering, the Underwriters were paid a cash commission equal to 6% of the gross proceeds of the Offering.
All of the securities issued pursuant to the Offering are subject to a hold period expiring on November 14, 2011.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
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.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. The shares and the rights to be distributed have not been approved or disapproved by any Canadian or U.S. regulatory authority nor has any such authority passed upon the accuracy or adequacy of the preliminary prospectus.
To receive or stop receiving EAS news via email, please email [email protected] and state your preference in the subject line.
FOR FURTHER INFORMATION, visit the Company's website at www.eaminerals.com, or contact:
Michael Hawkins, President and CEO Vancouver T: +1 604 684 2183 E: [email protected]
Nick Kohlmann, Corporate Communications Toronto T: +1 416 792 8734 E: [email protected]
Mark Patchett, Investor Relations Vancouver T: +1 604 637 8154 E: [email protected]
About East Asia Minerals Corporation
East Asia Minerals (EAS-TSXV) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the Company has a 70 to 85% interest in six advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. The Company owns seven uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 81,412,372 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".
Caution Regarding Forward Looking Statements
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. When used in this News Release, such statements use words such as "may", "will", "expect", "intend", "anticipate" and other similar terms. These statements reflect management's current assumptions and expectations regarding future results, performance or events as of the date hereof and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Forward looking statements involve significant risks and uncertainties and should not be read as guarantees of future or performance results. Accordingly, readers should not place undue reliance on any forward looking statement.
Forward looking statements are also subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward looking information. Those risks include the interpretation of drill results and the estimation of mineral resources and reserves; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, permitting and licensing risks; and general market and mining exploration risks.
Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision.
Caution Regarding U.S. Publication of Information in this News Release
The information contained herein is not for publication or distribution into the United States. The materials set forth herein is for informational purposes only and is not intended, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the laws of any state, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws.
There is no intention to register any portion of the securities to be distributed pursuant to the proposed transactions in the United States or to conduct a public offering of securities in the United States. |
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