Tuesday, August 23, 2016

East Africa Metals - EAM.v

East Africa Metals - EAM.v is advancing the 70%-owned Harvest polymetallic VMS exploration Project in the Tigray region of Ethiopia and the Adyabo Project, immediately west of the Harvest Project.

On August 23, 2016 the company released News

East Africa Metals Inc. (TSX VENTURE: EAM) ("East Africa" or the "Company") is pleased to report that long time shareholder SinoTech (Hong Kong) Corporation Limited ("SinoTech") has elected to exercise 3,500,000 warrants at a price of $0.23 realizing $805,000 CDN for the Company. The exercise will bring SinoTech's total holdings to 37,788,062 or 32.1% of the Company. SinoTech is a private share company incorporated October 26, 2010, that has supported East Africa's advancement activities for a number of years.

The proceeds will be used for ongoing technical, permitting and exploration expenditures as the Company prepares to advance the Terakimti Oxide Gold Project to the development stage, and prepare the Mato Bula and Da Tambuk deposits for mine permitting.