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East Africa Metals and Zijin Mining agree to Harvest Project acquisition
East Africa Metals and Zijin Mining agree to Harvest Project acquisition Canada...
About this update from East Africa Metals, Inc.
[{"type":"text","content":"\n \n \n \n East Africa Metals and Zijin Mining agree to Harvest Project acquisition\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:#000000 1pt solid; BORDER-RIGHT:#000000 1pt solid; BORDER-BOTTOM:#000000 1pt solid; TEXT-ALIGN: CENTER; PADDING-LEFT:0.50em; BORDER-LEFT:#000000 1pt solid; PADDING-RIGHT:0.50em\n}\n.prntbls{\nBORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid\n}\n.prnmr10{\nMARGIN-RIGHT:0.83em\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n July 23, 2021\n \n /CNW/ -\n \n East Africa Metals Inc.\n \n (TSXV: EAM) - \"East Africa\" or the \"Company\") is pleased to announce that it has reached agreement with Zijin Mining Group Company Ltd. (\"Zijin\") on a letter of intent to acquire a majority ownership stake in the Harvest Project (\"Harvest Transaction\") currently held by EAM's wholly owned subsidiary, Tigray Ethiopia Holdings Inc. (\"TEHI\"). TEHI holds a 70% interest in Harvest Mining PLC with Ezana Mining Development PLC (Ezana) owning 30%. Harvest Mining PLC owns 100% of the Harvest Project, which is located in the Tigray National Regional State of the Federal Democratic Republic of\n \n Ethiopia\n \n (\"Ethiopia\").\n \n \n \n \n \n \n \n \n \n \n \n Harvest Letter of Intent\n \n \n \n The terms of the non-binding LOI stipulate Zijin will enter into a Definitive Agreement whereby Zijin will acquire 55% interest in the Harvest Project by making a cash payment of\n \n US$900,000\n \n , developing and operating the Terakimti Oxide Mine and funding 100% of TEHI's obligations related to the development and operation of the Harvest Project. Ezana is responsible for contributing 30% to the development and operating costs.\n \n \n On completion of the proposed transaction:\n \n \n \n Zijin will hold the rights (interest) to 55% post tax profits/Government distributions of Harvest Mining PLC; and\n \n \n EAM will hold the rights (interest) to 15% post tax profits/Government distributions of Harvest Mining PLC.\...