East Africa Metals Announces Extension of Non - Brokered Private Placement and Grants Stock Options
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 Extension of
Non - Brokered Private Placement and Grants Stock Options
Vancouver, British Columbia – May 3 , 2024 – East Africa Metals Inc. (TSX - V: EAM FSE: EA1) ("East
Africa" or the "Company") announces that it has received TSX - V approval to extend the closing of
its non - brokered private placement (the “Private Placement”), announced on March 4, 2024 and
April 5, 2024 , of up to 10,000,000 units at a price of CAD$0.10 per unit for aggregate gross proceeds
of CAD$1,000,000. 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 C AD$0.20 for a period of
up to three years. The net proceeds will be used by the Company for general corporate and working
capital purposes. All securities issued will be subject to a four - month hold period from the date of
issuance. The Private Placement is subject to approval of the TSX - V and is expected to close on or
around June 3 , 2024, or such earlier date as may be determined by the directors of the Company.
The Company will provide updates respecting the Private Placement as warranted.
The Company also announces that it has granted an aggregate of 1,200,000 stock options to certain
director pursuant to the Company’s Stock Option Plan. The options have an exercise price of $0.20
per share and an expiry date of May 3, 2029. The options ves t immediately and are subject to the
approval of the TSX Venture Exchange.
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 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" or variations of such words or similar words or expressions. Forward - looking
information is based on reasonable assump tions that 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 ma terially 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 a greement 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 current 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 ; personnel 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 r efined, as well as those risk factors set out in in East
Africa's management's discussion and analysis for the nine months ended December 31 , 2023 and for the year ended
March 31, 2023 . Mineral Resources are not Mineral Reserves and 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. Forward - looking statements are based on assumptions management believes to be reasonable, including
but not limited to the timely closing of the financing; the ability of East Africa’s operating partner in Tanzania to
reactivate the mining operations at Magambazi or the success of East Africa to recover the Magambazi project f rom the
operating partner and engagement of new operating partners; the price of gold, silver, copper and zinc; 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 - efficient
manner; the ability to operate in a safe, efficient and effective manner; the renewal or extension of exploration Licenses;
the regulatory framewor k 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 infor mation, 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 anticip ated in such information. The Company does not update or revise
forward looking information even if new information becomes available unless legislation requires the Company do so.
Accordingly, readers should not place undue reliance on forward - looking inf ormation 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.