East Africa Metals Announces Closing of Oversubscribed Non - Brokered Private Placement
777 Dunsmuir Street, 17th Floor
PO Box 48658, Station Bentall Centre
Vancouver, BC, Canada V7X 1A3
Tel: 604.488.0822
Toll Free: 866.488.0822
Web: www.eastafricametals.com
NEWS RELEASE
East Africa Metals Announces Closing of
Oversubscribed Non - Brokered Private Placement
Vancouver, British Columbia – May 31 , 2024 – East Africa Metals Inc. (TSX - V: EAM FSE: EA1) ("East
Africa" or the "Company") announces that it has closed the second tranche of its non - brokered
private placement (the “Private Placement”) of units of the Company , as previously announced on
March 3 , April 5 and May 3, 2024 . Due to increased demand, the Company increased the size of the
Private Placement to a total gross proceeds of $1,086,000.00 .
In the second tranche the Company issued 10,360,000 units at a price of CAD$0.10 per unit, for
gross proceeds of CAD$ 1,036,000.00 . Each unit is comprised of one common share and one share
purchase warrant. Each warrant entitles the holder to acquire a common share at a price of
CAD$0.20 for a period of three years from the date of issuance . All securities issued are subject to
a four - month hold period from the date of issuance.
In total, between the first and second tranches of the Private Placement, the Company issued
10,860,000 units for gross proceeds of $1,086,000.00 . The C ompany intends to use the proceeds
from the Private Placement to perform exploration and work on its properties, for marketing, for
legal, accounting and general working capita l.
T he Company paid finder’s fees to certain finders, consisting of a cash fee of $61,670 and 616,700
common share purchase warrants (each a “Finder’s Warrant”) pursuant to the Private Placement .
Each Finder’s Warrant entitles the holder to acquire one common share at a price of CAD$0.20 per
share for a period of three years from the date of issuance. The Private Placement remains subject
to final acceptance of the TSX - V .
Additional information about East Africa can be viewed at the Company's website at
www.eastafricametals.com or at www.sedarplus.ca .
For further information contact:
Nick Watters, Business Development
Telephone : +1 (604) 488 - 0822
Website : www.eastafricametals.com
About East Africa Metals
The Company's principal assets include a 30% Net Profits Interest in the Mato Bula and Da Tambuk mines
(collectively "Adyabo Property") and a 70% project interest in the Harvest polymetallic VMS Exploration
Project in the Tigray Region of Ethiopia . In addition, the Company has a 30% Net Streaming Interest in the
Magambazi Mine in the Tanga Region of Tanzania.
EAM has invested US$66.8M in African exploration since 2005 and identified a total of 2.8 million ounces of
gold and gold - equivalent resources representing an average discovery cost per ounce of US$24 .
More information on the Company can be viewed at the Company's website: www.eastafricametals.com
On behalf of the Board of Directors:
Andrew Lee Smith, CEO, P.Geo., ICD.D
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 using forward - looking terminology such as
"anticipate", "believe", "plan", " expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will",
"could", "might", "should", "indicate" or variations of such words or similar words or expressions. Forward - looking
information is based on reasonable assumptions th at have been made by East Africa 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 East Africa to be materially different from those expressed or implied by such
forward - looking information, including but not limited to: timing of receipt of mining permit; timing of mining
development; projected heap leach recoveries ; early exploration; the closing of the agreemen t with the exploration and
development company to advance the Magambazi Project or identify any other corporate opportunities for the
Company; mineral exploration and development; metal and mineral prices; availability of capital; accuracy of East
Africa 's projections and estimates, including the initial mineral resource for the Adyabo, Harvest and Magambazi
Properties; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and
access; actual results of cur rent exploration activities; government regulation; political or economic developments;
foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in
connection with development activities; perso nnel relations; the speculative nature of strategic metal exploration and
development including the risks of diminishing quantities of grades of reserves; 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 in East Africa's
management's discussion and analysis for the three months and nine months ended December 31, 2023 and for the
fifteen month and year ended March 31, 2023, and East Africa's listing application dat ed July 8, 2013. Mineral Resources,
which are not Mineral Reserves, do not have demonstrated economic viability. The contained gold, copper and silver
figures shown are in situ. No assurance can be given that the estimated quantities will be produced. Forw ard - looking
statements are based on assumptions management believes to be reasonable, including but not limited to the timely
closing of the financing; the timely closing of the Handeni Property definitive agreement; the price of gold, silver, copper
and z inc; the demand for gold, silver, copper and zinc; the ability to carry on exploration and development activities; the
timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely
and cost - efficien t manner; the ability to operate in a safe, efficient and effective manner; the renewal or extension of
exploration Licenses; the regulatory framework regarding environmental matters, and such other assumptions and
factors as set out herein. Although East Africa 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. Ther e 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 inf ormation becomes available unless
legislation requires the Company 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.