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East Asia plans C$37.5 million private placement of subscription receipts
By Devika Patel
Knoxville, Tenn., May 13 - East Asia Minerals Corp. said it has arranged a C$37.5 million private placement of subscription receipts, which are convertible into a unit of one share and a half-share warrant.
The company will sell the subscription receipts at a price to be determined in the market context.
All of the funds raised in this deal will immediately go into escrow and each subscription receipt will automatically convert into one unit on the escrow release date.
The deal will be conducted by a syndicate of agents led by RBC Capital Markets and including Haywood Securities Inc. and PI Financial Corp.
Proceeds will be used to fund the company's planned acquisition of a 71.8% equity interest in PT Cibaliung Sumberdaya.
The escrowed funds will be released from escrow immediately prior to the acquisition's closing, provided that certain conditions are met.
East Asia is a mineral exploration company based in Vancouver, B.C.
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