Brief: East Africa Metals Says Deal With Silk Road Resources Investments Co For Development Financing
02/07/2019 08:14
July 2 (Reuters) - East Africa Metals Inc EAM.V :
* EAST AFRICA METALS SIGNS DEFINITIVE AGREEMENT FOR
DEVELOPMENT
FINANCING
* EXECUTED SHARE PURCHASE AGREEMENT AND JV CONTRACT WITH
SILK ROAD
RESOURCES INVESTMENTS CO, UNIT OF TIBET HUAYU MINING CO LTD
* EAM WILL RECEIVE A CASH PAYMENT OF US$1.2MLN ON CLOSING OF
TRANSACTION AND RETAIN A 30% NET PROFIT INTEREST
* THM HAS AGREED TO PURCHASE 70% INTEREST OF ADYABO PROJECT
* EAM WILL RETAIN EXPLORATION RIGHTS TO ALL PROSPECTIVE
MINERALIZATION ON ITS CONCESSION AREAS OUTSIDE OF CURRENT
RESOURCE
Source text for Eikon: ID:nGNX5cfhSq
Further company coverage: EAM.V
((Reuters.Briefs@thomsonreuters.com;))
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