VANCOUVER, BC, Dec. 30, 2020 /CNW/ - East Africa Metals
Inc. (TSXV: EAM) ("East Africa" or the "Company") announces voting
results from its Annual Meeting of Shareholders held today in
Vancouver, BC.
A total of 31,897,876 million common shares, representing
approximately 17.28% of the Company's issued and outstanding common
shares were voted in connection with the meeting. East Africa shareholders voted overwhelmingly
in favor of all items of business, including the election of each
director nominee as follows:
Dr. Jingbin Wang 99.89%
Mr. Andrew Lee Smith 99.89%
Dr. Antony Harwood 99.92%
Dr. Zhijun He 99.90%
Mr. Sean Waller 99.93%
Mr. David Parsons 99.94%
East Africa shareholders voted
100.00% in favor to appoint PricewaterhouseCooper LLP as auditors,
99.73% in favor of the amended stock option plan and 99.87% in
favor of the proposed Harvest Property, Terakimti development in
Ethiopia (See news release dated
November 25th, 2020 and
December 21, 2020).
Harvest Development
Negotiations for the Harvest Project (including the Terakimti
Oxide and Terakimti Sulphide deposits) are active and ongoing and
are using previously disclosed terms as a framework for discussions
(see press release February 11, 2019)
that, in exchange for 55% interest of Harvest, EAM will
receive:
- A cash payment of US$500K;
- A commitment from the Purchaser to finance, develop and operate
the Terakimti Oxide and Terakimti Sulphide projects.
On completion of the proposed transaction:
- EAM intends to dispose of the rights (interest) to 55% post-tax
profits/Government distributions of Harvest.
- EAM will hold the rights (interest) to 15% post tax
profits/Government distributions of Harvest.
- Closing conditions will include:
-
- Required approvals including and not limited to Board,
Regulatory, and Government approvals;
- Execution of a definitive agreement; and
- EAM having received the cash payment of US$500K.
Andrew Lee Smith stated,
"East Africa's management and
Board of Directors are pleased with the progress the Company has
achieved over the past eight-years in Ethiopia. They are also thankful for the hard
work and dedication the administrative staff and technical team
have displayed in meeting difficult challenges in pursuit of the
best interests of the Company and its shareholders."
Additional information about East
Africa can be viewed at the Company's website at
www.eastafricametals.com or at www.sedar.com.
On behalf of the Board of Directors:
Andrew Lee Smith, P.Geo.
Cautionary Statement Regarding Forward-Looking
Information
This news release contains
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "anticipate", "believe", "plan", "expect",
"intend", "estimate", "forecast", "project", "budget", "schedule",
"may", "will", "could", "might", "should", "indicate", "confident"
or variations of such words or similar words or expressions.
Forward-looking information is based on reasonable assumptions that
have been made by the Company as at the date of such information
and is subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to: the negotiation of a
definitive agreement reflecting the anticipated structure and
timing outlined herein; delays with respect to required payments
and regulatory approvals; results of the due diligence review; the
ability of Tibet Huayu to develop and operate the Ethiopia Adyabo
Project within the required laws and agreements recoverability of
the Ethiopian and Tanzanian VAT receivable; early exploration; the
ability of East Africa to identify
any other corporate opportunities for the Company; the possibility
that the Company may not be able to generate sufficient cash to
service its planned operations and may be force to take other
options; the risk the Company may not be able to continue as a
going concern; the possibility the Company will require additional
financing to develop the Ethiopian Projects into a mining
operation; the risks associated with obtaining necessary licenses
or permits including and not limited to Ethiopian Government
approval of EAM Mineral Resources extensions for the Company's
Ethiopian Properties and Projects; risks associated with mineral
exploration and development; metal and mineral prices; the demand
for precious and base metals; availability of capital; accuracy of
the Company's Projections and estimates, including the initial and
any updates to the mineral resource for the Adyabo, Harvest and
Handeni Projects; realization of mineral resource estimates;
interest and exchange rates; competition; stock price fluctuations;
the ability to carry on exploration and development activities;
actual results of exploration activities; availability of drilling
equipment and access; the ability to obtain qualified personnel,
equipment and services in a timely and cost-efficient manner; the
regulatory framework including and not limited to license
approvals, social and environmental matters; the ability to operate
in a safe, efficient and effective manner government regulation;
political or economic developments; foreign taxation risks;
environmental risks; insurance risks; capital expenditures;
operating or technical difficulties in connection with development
activities; personnel relations; the speculative nature of
strategic metal exploration and development including the risks of
contests over title to properties; and changes in project
parameters as plans continue to be refined, as well as those risk
factors set out in the Company's filings with securities
regulators. Mineral Resources, which are not Mineral Reserves, do
not have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting,
legal, title, taxation, sociopolitical, marketing, or other
relevant issues. The quantity and grade of reported inferred
mineral resources as the estimation is uncertain in nature and
there has been insufficient exploration to define any inferred
mineral resources as an indicated or measured mineral resource and
it is uncertain if further exploration will result in upgrading
inferred mineral resources to an indicated or measured mineral
resource category. The contained gold, copper and silver figures
shown are in situ. No assurance can be given that the estimated
quantities will be produced. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such information. The Company does not update or revise forward
looking information even if new information becomes available
unless legislation requires the Company to do so. Accordingly,
readers should not place undue reliance on forward-looking
information contained herein, except in accordance with applicable
securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE East Africa Metals Inc.