Business
East Africa Metals Announces Voting Results from Annual Meeting and Changes to Management
VANCOUVER, British Columbia, May 31, 2019 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V: EAM) ("East Africa" or the "Company") announces voting results fro
About this update from East Africa Metals, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, May 31, 2019 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V: EAM) (\"East Africa\" or the \"Company\") announces voting results from its Annual Meeting of Shareholders held today in Vancouver, BC. A total of 75,774,458 million common shares, representing approximately 42.20% of the Company's issued and outstanding common shares were voted in connection with the meeting. East Africa shareholders voted overwhelmingly in favor of all items of business, including the election of each director nominee as follows: Dr. Jingbin Wang 99.99% Mr. Andrew Lee Smith 99.96% Dr. Antony Harwood 99.98% Dr. Zhijun He 99.99% Mr. Sean Waller 99.98% Mr. David Parsons 99.98% East Africa shareholders voted 99.98% in favor to appoint PricewaterhouseCooper LLP as auditors, 99.89% in favor of the amended stock option plan and 99.93% in favor of the proposed Tibet Huayu financing and development of the Terakimti, Da Tambuk and Mato Bula Projects in Ethiopia (See news release dated Feb. 8th, 2019). Tibet Huayu Finance and Development The transaction defined in the binding LOI includes terms that in exchange for 55% interest of Harvest and 70% interest in TRI, Tibet Huayu will: Provide a cash payment of US$1.7M to EAM; Finance, develop and operate the Terakimti, Da Tambuk and Mato Bula projects. On completion of the proposed transaction: Tibet Huayu will hold the rights (interest) to 55% post tax profits/Government distributions of Harvest and hold the rights (interest) to 70% of the post tax profits/Government distributions of TRI. EAM will hold the rights (interest) to 15% post tax profits/Government distributions of Harvest and hold the rights (interest) to 30% of the post tax profits/Government distributions of TRI. Closing conditions include: Ethiopian Ministry of Mines providing a formal letter confirming that the Terakimti Project mining license will not be in default if construction is not completed within the timeframe stipulated in the mining license or if the construction timeframe is extended; Ethiopian Ministry of Mines providing a formal letter confirming that it will issue the Adyabo Project mining licenses upon approval from the Ethiopian Council of Ministers; Receipt of all required approvals including and not limited to board, regulatory, and government approvals; Execution of definitive share purchas...