Business
East Africa Metals Extends Closing of Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART
About this update from East Africa Metals, Inc.
[{"type":"text","content":" 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 VANCOUVER, British Columbia, March 27, 2019 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V: EAM) (the “Company” or “East Africa”) is pleased to announce the TSX Venture Exchange (“TSXV”) has approved a 30 day extension to the final closing of the non-brokered private placement (the “Private Placement”) of up to 18.75 million (“M”) units (the “Units”) at C$0.16 per Unit for proceeds of up to C$3.0M announced on February 11, 2019. The Company expects to close on or around April 8, 2019, subject to TSXV approval. On February 28, 2019, the Company announced it had closed the first tranche of the Private Placement to raise C$2.3M and issued 14,543,500 Units. Each Unit consists of one common share and one common share purchase warrant (“Warrant”) of the Company. Each Warrant will entitle the holder to purchase one common share at an exercise price of C$0.30 per share for a period of 24 months following the closing of the Private Placement. All of the securities issued in connection with this Private Placement are subject to resale restrictions which expire four months and one day from the date of issue. Proceeds from the Private Placement will be used to conduct a diamond drilling campaign targeted to increase the existing global resource base of the Ethiopian assets, by testing extensions to existing resources and high priority exploration targets, as well as general working capital. This announcement is made in accordance with TSXV rules to ensure price protection, and should not be read as implying that the relevant securities have yet been sold. The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be an...