East Asia Minerals Closes $2,000,000 First Tranche from Palisades Goldcorp and Increases Financing to $4.4 Million
News Release
East Asia Minerals Corporation
Corporate Office:
T +1-604-684-2183 F +1-604-357-1987
www.eastasiaminerals.com
September 17, 2020 Trading Symbol: “EAS: TSX.V | EAIAD:US”
EAST ASIA MINERALS CLOSES $2,000,000 FIRST TRANCHE FROM PALISADES
GOLDCORP AND INCREASES FINANCING TO $4.4 MILLION
East Asia Minerals Corporation (the “Company”, “East Asia” or “EAS”)(TSX -V) is pleased to
announce that it has closed its $2 million lea d order from Palisade s Goldcorp Ltd., the first
tranche of the $4 million financing previou sly announced on September 10 th, 2020. Due to
significant market interest in the financing, the Company has increased the financing to
29,333,333 units priced at $0 .15 per unit for an aggr egate of $4.4 million and anticipate s the
second and final tranche to close next week. Each unit will be comprised of one common share
in the capital of the Company (a "Share") and one common share purchase warrant (a "Warrant").
Each Warrant shall be e xercisable into one Share at an exercise price of $0.25 for 3 years from
the date such Warrant is issued.
The Company received aggregate gross proceeds of $2,000,000.10 for the issuance of 13,333,333
units. All securities issued in the first tranche of the private placement will be subject to a four-
month hold period expiring January 16, 2021.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of
all necessary regulatory approvals, inclu ding acceptance of the T SX Venture Exchange . This
news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any state in which such offer, solicitation or sale would be
unlawful. The securities have not been registered under the United States Securities Act of 1933,
as amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.
ABOUT PALISADES GOLDCORP
Palisades Goldc orp is Canada's new resource focused merchant bank. Palisades' management
team has a demonstrated track record of making money and is backed by many of the industry's
most notable financiers. With junior resource equities valued at generational lows, manag ement
believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with
significant stakes in undervalued companies and assets with the goal of generating superior
returns.
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold -copper project is located on the island of Sangihe off the northern coast of
Sulawesi and has an existing National Instrument 43 -101 inferred mineral resource of 114,700
indicated and 105,000 inferred ounces of Gold as reported in the Company's "Independent
Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits,
Sangihe Project, North Sulawesi, Indonesia" dated May 30, 2017. Only 10% of the gold bearing
area has been explored. Readers are cautioned tha t mineral resources that are not mineral
reserves do not have demonstrated economic viability. The Company's 70 -percent interest in the
Sangihe-mineral-tenement contract of work ("CoW") is held through PT Tambang Mas Sangihe
(PTTMS). The remaining 30-percent interest in PTTMS is held by three Indonesian corporations.
The term of the Sangihe CoW agreement is for 30 years upon commencement of the production
phase of the project.
ABOUT EAST ASIA MINERALS CORPORATION
East Asia Minerals is a dynamic junior gol d developer with NI43 -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 heap leach operation. East Asia has a team of
mining professionals i n North America and loca lly in Indonesia with extensive experience in
starting and operating small-scale gold and coal assets. With the team in place, East Asia plans to
raise capital and market awareness to develop it’s highly prospective project portfolio.
Subject to the fina l environmental permit being issued as well the Indonesian Government
Operations Production License being granted, the Company intends to proceed to production
without the benefit of first establishing mineral reserves supported by a feasibility study. 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 invol ved increased uncertaint y and various
technological and economic risks such as the interpretation of drill results; the geology, grade
and continuity of mineral deposits; the possibility that future exploration, development or mining
results will not be co nsistent with our expect ations; commodity and currency price fluctuation;
failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other
relevant conversion factors, permitting and licensing risks; general market and mining
exploration risks and produ ction and economic risks related to design and engineering,
manufacturing, technological processes and test procedures and the risk that the project’s output
will not be salable at a price that will cover the project’s operating and maintenance costs.
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.
EAST ASIA MINERALS CORPORATION
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
+1-206-890-8285
For investor contacts more information, please contact:
Kevin Shum
Investor Relations
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 adequ acy or accuracy
of this release.
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. These statements include, but are not
limited to, statements or information concerning future work programs, results and timing of any work programs, the
Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions
and expectations a nd by their nature are s ubject 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 l ooking statements. Those risks include the interpretation of drill results;
the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining
results will not be consistent with our expectations; commodit y and currency price flu ctuation; failure to obtain
adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and
licensing risks; general market and mining exploration risks and production and economic risks related to design and
engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not
be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should
not be con strued 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.
Accordingly, rea ders should not place un due reliance on an y forward -looking statement. 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.