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East Africa Metals Announces $1,000,000 Non-Brokered Private Placement
VANCOUVER, BC--(Marketwired - May 17, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATIO
About this update from East Africa Metals, Inc.
[{"type":"text","content":"VANCOUVER, BC--(Marketwired - May 17, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES East Africa Metals Inc. (TSX VENTURE: EAM) (the \"Company\") announces it is undertaking a non-brokered private placement financing of up to 10,000,000 units (the \"Units\") at a price of $0.10 per Unit, for gross proceeds of up to $1,000,000. Each Unit consists of one common share of the Company and one-half of one non-transferable common share purchase warrant (a \"Warrant\"). Each whole Warrant will entitle the holder thereof to purchase one common share at an exercise price of $0.25 for a period of 24 months from the date of closing. The private placement is fully subscribed based on committed interests received in the private placement. Proceeds from the private placement will be used to advance the Company's Harvest and Adyabo projects, as well as for working capital purposes. If at any time after the date that is four months after the date of issuance of the warrants, the Company's common shares have a closing price on the TSX Venture Exchange (or such other exchange on which the common shares may be traded at such time) greater than $0.30 per share for a period of 10 consecutive trading days, the Company will be entitled to accelerate the expiry date of the warrants upon 20 days' notice given by news release, and the warrants will then expire on the 20th day after the date of such notice. All of the securities issued in connection with this placement are subject to resale restrictions which expire four months and one day from closing. The Company may pay a commission or finder's fee to eligible parties in connection with the private placement. The financing remains subject to certain conditions including, but not limited to, to receipt of approval from the TSX Venture Exchange. Insiders of the Company will be participating in the private placement. Participation of insiders in the private placement constitutes a related party transaction pursuant to Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions. The private placement is exempt from the formal valuation and minority shareholder approval requirements of such instrument and policy as neither the f...