Tocqueville Asset Management, L.P.

Tocqueville Asset Management, L.P.

March 05, 2015 15:46 ET

Tocqueville Asset Management, L.P. Announces Acquisition of Common Shares and Warrants of East Asia Minerals Corporation

TORONTO, ONTARIO--(Marketwired - March 5, 2015) - Tocqueville Asset Management, L.P. ("Tocqueville"), the investment adviser of a number of investment funds, including The Tocqueville Gold Fund (the "Gold Fund"), and managed accounts of private clients and institutional groups (collectively, the "Accounts"), announces that on March 4, 2015, Tocqueville, on behalf of the Accounts, acquired authority to exercise control or direction over an aggregate of 46,175,600 common shares (the "Common Shares") of East Asia Minerals Corporation (the "Issuer") and 46,175,600 share purchase warrants of the Issuer (the "Warrants") pursuant to the completion of a private placement transaction with the Issuer. The Common Shares acquired by Tocqueville, on behalf of the Accounts, represented 27.72% of the issued and outstanding Common Shares as at March 4, 2015. Pursuant to the terms of the private placement transaction, each Warrant has a five year term following its grant for the purchase of one further Common Share at the exercise price of CAD $0.05 per Common Share for the first year and CAD $0.10 per Common Share thereafter.

Immediately after the completion of the private placement transaction on March 4, 2015, Tocqueville, on behalf of the Accounts, had authority to exercise control or direction over an aggregate of 69,347,533 Common Shares and 62,440,533 Warrants. Assuming that none of the Warrants were exercised, Tocqueville, on behalf of the Accounts, had authority to exercise control or direction over 41.62% of the issued and outstanding Common Shares as at March 4, 2015.

Of the 41.62% of the issued and outstanding Common Shares that Tocqueville, on behalf of the Accounts, had authority to exercise control or direction over, the Gold Fund, which is one of the Accounts, had beneficial ownership of 66,484,933 Common Shares, representing 39.91% of the issued and outstanding Common Shares as at March 4, 2015.

The Common Shares and the Warrants acquired by Tocqueville, on behalf of the Accounts, are held for investment purposes. These investments will be reviewed on a continuing basis by Tocqueville and such holdings may be increased or decreased in the future. Tocqueville, on behalf of one or more of the Accounts, may in the future acquire or dispose of the Common Shares or the Warrants through the open market, privately or otherwise, as circumstances or market conditions warrant.

Tocqueville is ceasing to file reports in accordance with the alternative monthly reporting system under Part 4 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues for the Issuer since effective March 4, 2015, Tocqueville, either alone or together with any joint actors, owns or controls voting securities of the Issuer carrying more than 30% of the votes attached to all of the outstanding voting securities of the Issuer. Tocqueville, on behalf of the Accounts, anticipates that future filings with respect to the Issuer will be made in accordance with the early warning requirements under Part 3 of National Instrument 62-103.

Tocqueville has filed a report under section 4.3 of National Instrument 62-103 describing the above transaction with applicable securities regulatory authorities, a copy of which will be sent promptly to anyone who requests it from the representative of Tocqueville noted below.

Contact Information

  • Helen Balk
    Controller
    Tocqueville Asset Management, L.P.
    40 West 57th Street, 19th Floor
    New York, New York 10019 U.S.A.
    Telephone: (212) 698-0800