East Africa Metals Pronounces Closing of Oversubscribed Non-Brokered Personal Placement


Vancouver, British Columbia–(Newsfile Corp. – Could 31, 2024) – East Africa Metals Inc. (TSXV: EAM) (FSE: EA1) (“East Africa” or the “Firm”) pronounces that it has closed the second tranche of its non-brokered personal placement (the “Personal Placement”) of models of the Firm, as beforehand introduced on March 3, April 5 and Could 3, 2024. On account of elevated demand, the Firm elevated the scale of the Personal Placement to a complete gross proceeds of $1,086,000.00.

Within the second tranche the Firm issued 10,360,000 models at a value of CAD$0.10 per unit, for gross proceeds of CAD$1,036,000.00. Every unit is comprised of 1 widespread share and one share buy warrant. Every warrant entitles the holder to accumulate a typical share at a value of CAD$0.20 for a interval of three years from the date of issuance. All securities issued are topic to a four-month maintain interval from the date of issuance.

In whole, between the primary and second tranches of the Personal Placement, the Firm issued 10,860,000 models for gross proceeds of $1,086,000.00. The Firm intends to make use of the proceeds from the Personal Placement to carry out exploration and work on its properties, for advertising, for authorized, accounting and normal working capital.

The Firm paid finder’s charges to sure finders, consisting of a money charge of $61,670 and 616,700 widespread share buy warrants (every a “Finder’s Warrant”) pursuant to the Personal Placement. Every Finder’s Warrant entitles the holder to accumulate one widespread share at a value of CAD$0.20 per share for a interval of three years from the date of issuance. The Personal Placement stays topic to ultimate acceptance of the TSX-V.

Further details about East Africa may be considered on the Firm’s web site at www.eastafricametals.com or at www.sedarplus.ca.

For additional info contact:

Nick Watters, Enterprise Growth
Phone: +1 (604) 488-0822
Web site: www.eastafricametals.com

About East Africa Metals

The Firm’s principal property embody a 30% Web Income Curiosity within the Mato Bula and Da Tambuk mines (collectively “Adyabo Property”) and a 70% venture curiosity within the Harvest polymetallic VMS Exploration Mission within the Tigray Area of Ethiopia. As well as, the Firm has a 30% Web Streaming Curiosity within the Magambazi Mine within the Tanga Area of Tanzania.

EAM has invested US$66.8M in African exploration since 2005 and recognized a complete of two.8 million ounces of gold and gold-equivalent sources representing a mean discovery value per ounce of US$24.

Extra info on the Firm may be considered on the Firm’s web site: www.eastafricametals.com

On behalf of the Board of Administrators:

Andrew Lee Smith, CEO, P.Geo., ICD.D

Cautionary Assertion Concerning Ahead-Trying Info

This information launch accommodates “forward-looking info” throughout the that means of relevant Canadian securities laws. Typically, forward-looking info may be recognized utilizing forward-looking terminology corresponding to “anticipate”, “consider”, “plan”, “anticipate”, “intend”, “estimate”, “forecast”, “venture”, “price range”, “schedule”, “might”, “will”, “might”, “would possibly”, “ought to”, “point out” or variations of such phrases or comparable phrases or expressions. Ahead-looking info is predicated on cheap assumptions which have been made by East Africa as on the date of such info and is topic to identified and unknown dangers, uncertainties and different components which will trigger the precise outcomes, stage of exercise, efficiency or achievements of East Africa to be materially completely different from these expressed or implied by such forward-looking info, together with however not restricted to: timing of receipt of mining allow; timing of mining growth; projected heap leach recoveries ; early exploration; the closing of the settlement with the exploration and growth firm to advance the Magambazi Mission or determine some other company alternatives for the Firm; mineral exploration and growth; steel and mineral costs; availability of capital; accuracy of East Africa’s projections and estimates, together with the preliminary mineral useful resource for the Adyabo, Harvest and Magambazi Properties; curiosity and alternate charges; competitors; inventory value fluctuations; availability of drilling gear and entry; precise outcomes of present exploration actions; authorities regulation; political or financial developments; international taxation dangers; environmental dangers; insurance coverage dangers; capital expenditures; working or technical difficulties in reference to growth actions; personnel relations; the speculative nature of strategic steel exploration and growth together with the dangers of diminishing portions of grades of reserves; contests over title to properties; and modifications in venture parameters as plans proceed to be refined, in addition to these danger components set out in in East Africa’s administration’s dialogue and evaluation for the three months and 9 months ended December 31, 2023 and for the fifteen month and 12 months ended March 31, 2023, and East Africa’s itemizing utility dated July 8, 2013. Mineral Assets, which aren’t Mineral Reserves, don’t have demonstrated financial viability. The contained gold, copper and silver figures proven are in situ. No assurance may be provided that the estimated portions shall be produced. Ahead-looking statements are based mostly on assumptions administration believes to be cheap, together with however not restricted to the well timed closing of the financing; the well timed closing of the Handeni Property definitive settlement; the value of gold, silver, copper and zinc; the demand for gold, silver, copper and zinc; the power to hold on exploration and growth actions; the well timed receipt of any required approvals; the power to acquire certified personnel, gear and providers in a well timed and cost-efficient method; the power to function in a secure, environment friendly and efficient method; the renewal or extension of exploration Licenses; the regulatory framework concerning environmental issues, and such different assumptions and components as set out herein. Though East Africa has tried to determine necessary components that would trigger precise outcomes to vary materially from these contained in forward-looking info, there could also be different components that trigger outcomes to not be as anticipated, estimated or supposed. There may be no assurance that such info will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such info. The Firm doesn’t replace or revise ahead wanting info even when new info turns into accessible until laws requires the Firm achieve this. Accordingly, readers mustn’t place undue reliance on forward-looking info contained herein, besides in accordance with relevant securities legal guidelines.

Neither TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this launch.

To view the supply model of this press launch, please go to https://www.newsfilecorp.com/launch/211271

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