51-102 Continuous Disclosure Obligations.
Financials
NEWS RELEASE
VANCOUVER, B.C. December 31, 2015 TSXV: EAS
East Asia Minerals Corporation (the “Company”) will not be able to file its audited annual financial statement for the period ended August 31, 2015 and its MD&A by the filing deadline of December 29, 2015 and as a result will be in default of its obligations under National Instrument 51-102 Continuous Disclosure Obligations.
- A Management Cease Trade Order was issued on December 30, 2015.
- The Company has encountered difficulties in completing the accounting and audit for the fiscal year ended August 31, 2015 due to extenuating circumstances as the Company required additional time to raise the necessary capital to fund its annual audit which was also exacerbated by the recent layoffs of the Company’s overseas employees.
- The Company intends to satisfy the alternative information guidelines set out National Policy 12 – 203 Cease Trade Orders for Continuous Disclosure Default by filing bi-weekly Default Status Reports, as required, until such time as the financial statements and MD&A are filed.
- The Company advises that there are no insolvency proceedings to which the Company is subject and there is no material information concerning the affairs of the Company that has not been generally disclosed.
- The Company has requested from the applicable Canadian securities regulators that a management cease trade order related to the Company's securities be imposed against some or all of the persons who have been directors, officers or insiders of the Company. If granted, such an order would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the Company's securities.
- Canadian securities regulators may impose an order that all trading in securities of the Company cease, either permanently, or for such period as is specified in the order, if the Company does not file its annual financial statement and MD&A by January 31, 2016. The Company further acknowledges that an issuer cease trade order may be imposed prior to January 31, 2016 if the Company fails to file its bi-weekly Default Status Reports on time.
EAST ASIA MINERALS CORPORATION
“Edward C. Rochette”
Edward C. Rochette Director and Chief Executive Officer
The TSX Venture Exchange neither approved nor disapproved the contents of this news release