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Monday 02 Dec 2019 , 11:48 am

East Africa Metals Receives Final Payment in Adyabo Transaction

East Africa Metals has received the final payment of USD 6,00,000 from Tibet Huayu Mining Co. Ltd. that has purchased a 70% interest in Adyabo Project.
By SIN Bureau
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East Africa Metals Inc. announced that it has received the final payment of USD 600,000 from Tibet Huayu Mining Co. Ltd. (THM) as part of the closing of the transaction under which Tibet Huayu Mining Co., Ltd. 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.

Mr. Andrew Lee Smith, EAM's C.E.O., is travelling to Addis Ababa, Ethiopia, this week to meet with THM and to complete the formal registration of the transfer of 70% of EAM's equity interest in its Ethiopian subsidiary which holds the Adyabo Project.

Mr. Smith stated, "Receipt of the final payment and the upcoming formal registration of the transfer allows the parties to begin the development of the Project, a historic stage in the Company's development."

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Meeta develops credible content about various markets based on deep research, opinions from experts and inputs from industry leaders. As the managing editor at Smart Market News, she assures that every piece of news and article adds to the knowledge of decision makers. An avid bike rider, Meeta, is a postgraduate from Indian Institute of Journalism and New Media (IIJNM) Bangalore, where her specialization was Business Journalism. She carries experience from mainstream print media including The Times Group and Sakal Media Group.

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