VANCOUVER, British Columbia, Aug. 23, 2019 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX-V: EAM - “East Africa” or the “Company”) is pleased to announce that the Company has closed the transaction under which Tibet Huayu Mining Co., Ltd. (“Tibet Huayu” or “THM”) has purchased a 70% interest in the Company’s Adyabo Project pursuant to the Share Purchase Agreement signed June 28, 2019, as amended August 9, 2019. The parties are working to complete the formal registration of the transfer of 70% of East Africa’s equity interest in its Ethiopian subsidiary pursuant to Ethiopian laws and regulations (the “Share Transfer Registration”). Of the US$1,200,000 payable by THM under the Share Purchase Agreement, the Company has received US$600,000, and the remaining US$600,000 will be placed in trust and released to the Company upon the earlier of 10 business days after the Share Transfer Registration and October 31, 2019.
East Africa Metals Closes Tibet Huayu Development Financing
Aug 23, 2019
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