Business
East Africa Metals Announces Termination of Memorandum of Understanding
VANCOUVER, British Columbia, March 29, 2018 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V:EAM) (“East Africa” or the “Company”) announces that further to a
About this update from East Africa Metals, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, March 29, 2018 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V:EAM) (“East Africa” or the “Company”) announces that further to and following the closing of the $2.0 million financing with Luck Sky Resources Investment Limited on December 28, 2017, Luck Winner Investment Limited and East Africa have agreed to terminate the Ethiopian Project Financing Memorandum of Understanding announced on October 2, 2017. Despite the best efforts of both parties, negotiations failed to define a viable transaction that would be in the best interests of East Africa shareholders and Luck Winner. The Company has initiated discussions with a number of interested parties for the project financing of the Terakimti Oxide Gold Project and/or all the Ethiopian Projects. The parties include companies and groups based in North America, Europe and China. Andrew Lee Smith, President and CEO of East Africa, stated, “East Africa will continue in its efforts to source funding for its Ethiopian projects to meet its requirements to develop the Terakimti Oxide Gold Project. East Africa is pleased with the expressions of interest from a number of parties in providing finance for the Terakimti Oxide Gold Project and/or its Ethiopian Projects.” More information on the Company can be viewed at the Company’s website: www.eastafricametals.com On behalf of the Board of Directors:Andrew Lee Smith, P.Geo., CEO For further information contact:Nick Watters, Business DevelopmentTelephone +1 (604) 488-0822Email [email protected] www.eastafricametals.com Cautionary 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 by the use of forward-looking terminology such as \"anticipate\", \"believe\", \"plan\", \"expect\", \"intend\", \"estimate\", \"forecast\", \"project\", \"budget\", \"schedule\", \"may\", \"will\", \"could\", \"might\", \"should\" or variations of such words or similar words or expressions. Forward-looking...