East Africa Metals Receives Final Payment in Adyabo Transaction
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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April 8, 2020 7:47 amBy Meeta Ramnani
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