Oro East Mining, Inc. announced that it expects to receive $0.80 million in funding.
August 31, 2014
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Oro East Mining, Inc. (OTCBB:OROE) announced a private placement of promissory note for gross proceeds of $800,000 on August 1, 2014. The note carries an fixed interest rate of 15% per annum on the unpaid principal, calculated yearly and not in advance. The company will pay interest accrued in full on or before February 1, 2015 without pre-payment penalty. The default and the acceleration of the amount due by the lender all amounts outstanding under this note will bear interest at the rate of 18% per annum from the date of demand until paid.
On February 2, 2015, the company extended the period of subscription to August 1, 2015.
As of March 30, 2016, the company extended the period of subscription to April 30, 2016.
On April 30, 2016, the company extended the period of subscription to October 30, 2016.
Oro East Mining, Inc. is focusing on the development of its approximately three substantial piles of crushed gold ores (Waste Management Units (WMUs)) at an aggregate mine in Carson Hill, California (the Carson Hill Project) owned and managed by its subsidiary, Oro East Mariposa, LLC. Its crushed gold ores and Carson Hill Project are located on the south side of Highway 49 in the central Sierra foothills of Calaveras County. The Company, through Oro Eat Mariposa, LLC, has a right of entry and access to the crushed ores, which are owned by Oro East Mariposa, LLC. The Company has an agreement for the purchase of certain lode and placer mining claims and all mineral rights thereto, in Mariposa County, California, known as the Red Bank Mine. The property is situated approximately 20 miles north of the town of Mariposa, California. The Red Bank Mine property consists of patented claims consisting of the Stevenson, Jubilee and Daisy Quartz mines, which comprises approximately 80 acres.
ORO EAST MINING, INC. 
