East Asia Minerals Corp. (CVE:EAS) (PINK:EAIAF) recorded a notable share price gain over the past few days finally putting a stop to the general downtrend the stock price’s been following for the past five months.
EAS has been gaining ground for three consecutive days under tremendous trading volumes. On Friday, the turnover totaled over 3.2 million shares and EAS recorded the heaviest trading day of the year. The stock price gains were comparatively moderate, but it still regained 32% over these days after bouncing the support at 50 cents per share.
The buying wave wasn’t without a cause. Last Friday, October 7, 2011, the company announced to have entered into a unit sales agreement with private investors. 20 million units were offered at 50 cents each for the total proceeds of $10 million. Each unit consists of one common share and one warrant, exercisable at 78 cents per share over a two year period. The proceeds will be used for general working capital.
Earlier this month, East Asia also announced changes in its management structure. Dr. Darryl Clark resigned as CEO-Director of the company effective October 3 and was replaced by Mr. Edward Rochette. The change in active leadership has an effect on the outstanding negotiations related to the Miwah Project. Dr. Clark will continue to provide assistance in various matters until October 31, 2011.
