00:44:47 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



East Africa Metals Inc
Symbol EAM
Shares Issued 163,795,091
Close 2019-02-11 C$ 0.215
Market Cap C$ 35,215,945
Recent Sedar Documents

East Africa arranges $3-million private placement

2019-02-12 02:09 ET - News Release

Mr. Andrew Smith reports

EAST AFRICA METALS PRIVATE PLACEMENT

East Africa Metals Inc. has provided an update on the project development financing announcement released earlier (see news releases dated Feb. 8 and Feb. 11).

As part of the overall financing strategy, East Africa is announcing its intention to complete an equity financing by way of a private placement of up to $3.0-million at a price of 16 cents per unit for 18.75 million units. Each unit will consist of one common share and one common share purchase warrant of the company. Each warrant will entitle the holder to purchase one common share at an exercise price of 30 cents 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 closing.

In connection with the private placement, certain arm's-length parties may receive a cash finder's-fee payment on the gross proceeds of the units that are sold to subscribers introduced by such parties. The private placement is subject to certain conditions, including, but not limited to, the approval of the TSX Venture Exchange and the board of directors.

Use of proceeds

Proceeds from the private placement will be used for a diamond drilling campaign targeted to increase the existing global resource base of the Ethiopian assets by testing extensions to existing resources and the high-priority exploration targets, as well as general working capital.

We seek Safe Harbor.

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