TORONTO, ONTARIO--(Marketwire - Oct. 13, 2011) - Southeast Asia Mining Corp. (the "Company") announces that the Company has closed its previously announced non-brokered private placement announced on August 11, 2011. The Company raised a total of $2,511,138 in cash in the private placement and converted $922,480 in outstanding payables through the issuance of 137,344,697 units, of which 36,899,197 units were issued on conversion of outstanding accounts payable which included 27,200,000 units for amounts converted by directors and officers of the Company. Each unit was priced at $0.025 and comprised one common share and one half of one common share purchase warrant with each full warrant exercisable at $0.035 for a period of 36 months. The securities issued on closing are subject to a four-month hold period and the private placement is subject to regulatory approvals. Finder's fees of $171,230 were paid to certain parties at the discretion of the Company. The net proceeds of the Offering will be used for exploration work on the Company's properties in Thailand and for general working capital purposes.
In other news, the Company subsidiary Southeast Asia Exploration and Mining Co., Ltd. (formerly Geotai Exploration and Mining Co., Ltd.) has commenced its Environmental and Health Impact Assessment ("EHIA") on the Kanchanaburi Exploration and Mining Co. Ltd. ("KEMCO") and Boh Yai Mining Co. Ltd. ("Boh Yai") properties in western Thailand as per the regulated process for receiving mining permits. The Company has a joint venture agreement with KEMCO and Boh Yai to acquire an 80% interest in the two companies. The KEMCO and Boh Yai agreement represents the Company's main assets within Thailand. KEMCO is a former 1,200 tpd producing base metal mine that ceased production in 2002 when the mining licenses lapsed. The EHIA work is being conducted by International Environmental Management Co., Ltd., which is led by Ron Livingstone, a Canadian who has over 30 years of experience in natural resources management, program development and execution, institutional strengthening, and strategic planning.
Also, the Company is pleased to announce the appointment of Stephen McIntyre to the Board of the Company. Mr. McIntyre has over 35 years experience in the mining and mineral exploration business, including over 10 years with Noranda Mines Ltd. and 20 years as an officer and director of several junior mineral exploration companies, including most recently as Chairman of Trelawney Exploration and Mining Inc. Mr. McIntyre has achieved international prominence through critical statistical analysis of climate research.
Southeast Asia is a junior exploration and mining company operating in Thailand and Southeast Asia, where its main assets are a joint venture agreement for to obtain majority ownership in a former base metal producer and four exploration licenses surrounding the mines. The Company in cooperation with its Thai partner is in the process of renewing the mining licenses.
Statements in this release that are forward-looking reflect the Company's current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company's disclosure filings with Canadian securities regulators. Such statements and information contained herein represent management's best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.