East Asia Minerals Announces Completion of $10 Million
Underwritten Private Placement of Common Shares
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
info@eaminerals.com 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: hawkins@eaminerals.com
Nick Kohlmann, Corporate Communications
Toronto T: +1 416 792 8734
E: kohlmann@eaminerals.com
Mark Patchett, Investor
Relations Vancouver T: +1 604 637 8154
E: patchett@eaminerals.com
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.