East Africa Metals Enters Into a Debt Settlement Agreement
777 Dunsmuir Street
PO Box 11108, Vancouver, BC, Canada V6E 3P3
Tel: 604.488.0822
Web: www.eastafricametals.com
MEDIA RELEASE
East Africa Metals Enters Into a Debt Settlement Agreement
Vancouver, British Columbia –January 27, 2021– East Africa Metals Inc. (TSX-V: EAM) (Frakfurt: EA1) (“East
Africa”, “EAM” or the “Company”) is pleased to announce it has entered into agreements with creditors to
settle indebtedness of $240,634.88. The Company will make cash payments of $120,317.44 and issue
426,180 common shares for the balance of the debt amounting to $120,317.44, subject to TSX Venture
Exchange approval.
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, P.Geo., CEO
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including information with
respect to the terms of the letter agreement, the timing and amounts of payments, the expected completion dates for due diligence and approvals,
the structure of the proposed transaction and the listing of the Developer’s common shares on the London Stock Exchange’s AIM. 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" or variations of such words or similar words or expressions.
Forward-looking information is based on reasonable assumptions 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 materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: the
negotiation of a definitive agreement reflecting the anticipated structure and timing outlined herein; delays with respect to required payments and
regulatory approvals; results of the due diligence review; early exploration; the ability of East Africa to 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 Projects; 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 refined, as
well as those risk factors set out in East Africa’s management’s discussion and analysis for the three months ended March 31, 2015, East Africa’s
listing application dated July 8, 2013 and Tigray Resources Inc. Management Information Circular dated March 28, 2014. Forward-looking statements
are based on assumptions management believes to be reasonable, including but not limited to the terms of the definitive agreement reflecting the
anticipated structure and timing outlined herein; completion of satisfactory due diligence; receipt of all required payments and regulatory approval;
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; and 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. There 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 information 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.
For further information contact:
Nick Watters, Business Development
Telephone +1 (604) 488-0822
Email [email protected]