Business
East Africa Metals Announces Closing of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 10, 2025) - East Africa Metals (TSXV: EAM)...
About this update from East Africa Metals, Inc.
[{"type":"text","content":"East Africa Metals Announces Closing of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 10, 2025) - East Africa Metals (TSXV: EAM) (\"East Africa Metals\" or the \"Company\") announces that it has closed a non-brokered private placement, of shares in the amount CAD$500,000. The Company issued 3,333,333 common shares at a price of CAD$0.15 per share, for gross proceeds of CAD$500,000.The private placement involves an investment by a strategic investor, reflecting confidence in the Company's African assets and growth prospects. All securities issued will be subject to a four-month holding period from the date of issuance. The Company plans to allocate the proceeds from the private placement toward legal, accounting, and general working capital purposes. The private placement remains subject to final approval by the TSX-V.About East Africa MetalsThe Company's principal assets include a 30% Net Profits Interest in the Mato Bula and Da Tambuk mines (collectively \"Adyabo Property\") and a 70% project interest in the Harvest polymetallic VMS Exploration Project in the Tigray Region of Ethiopia. In addition, the Company has a 30% Net Streaming Interest in the Magambazi Mine in the Tanga Region of Tanzania. EAM has invested US$66.8M in African exploration since 2005 and has identified a total of 2.8 million ounces of gold and gold-equivalent resources representing an average discovery cost per ounce of US$24.More information on the Company can be viewed at the Company's website: www.eastafricametals.com.For further information contact:Nick Watters, Business DevelopmentTelephone +1 (604) 488-0822Email [email protected] www.eastafricametals.comCautionary Statement Regarding Forward-Looking InformationThis news release contains \"forward-looking information\" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology such as \"anticipate\", \"believe\", \"plan\", \"expect\", \"intend\", \"estimate\", \"forecast\", \"project\", \"budget\", \"schedule\", \"may\", \"will\", \"could\", \"might\", \"should\", \"indicate\" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by East Africa as at the date...