Gold and copper explorer raises funds for general working capital
By Devika Patel
Knoxville, Tenn., Nov. 7 - East Asia Minerals Corp. said it increased a private placement of units to C$13 million from C$10 million. The deal priced Oct. 7.
The company will now sell 26 million units of one common share and one warrant at C$0.50 per unit. Of the units, 16 million will be sold for C$8 million on a best-efforts basis by RBC Capital Markets. The remainder will be sold on a non-brokered basis.
The warrants are each exercisable at C$0.78 for two years. The strike price represents a 25.81% premium to C$0.62, the closing share price on Oct. 6.
Settlement is expected Nov. 30.
Proceeds will be used for general working capital.
East Asia is a gold and copper exploration company based in Vancouver, B.C.
| Issuer: | East Asia Minerals Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$13 million
|
| Units: | 26 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.78
|
| Agent: | RBC Capital Markets (for C$8 million), non-brokered (for C$5 million)
|
| Pricing date: | Oct. 7
|
| Upsized: | Nov. 7
|
| Settlement date: | Nov. 30
|
| Stock symbol: | TSX Venture: EAS
|
| Stock price: | C$0.62 at close Oct. 6
|
| Market capitalization: | C$83.19 million
|
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