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East Africa Metals ( (TSE:EAM) ) has issued an update.
East Africa Metals has successfully closed a non-brokered private placement, raising CAD$5,522,000 through the issuance of 50,200,000 common shares at CAD$0.11 per share. The funds will be used to advance projects in Ethiopia and Tanzania, as well as for legal, accounting, marketing, and general working capital. This strategic financial move is expected to bolster the company’s operational capabilities and enhance its positioning within the mining sector, with no commissions or finder’s fees incurred during the process.
More about East Africa Metals
East Africa Metals is involved in the mining industry, focusing on gold and polymetallic exploration. The company holds interests in several projects, including a 30% Net Profits Interest in the Mato Bula and Da Tambuk mines in Ethiopia, a 70% interest in the Harvest polymetallic VMS Exploration Project in Ethiopia, and a 30% Net Streaming Interest in the Magambazi Mine in Tanzania. Since 2005, East Africa Metals has invested US$66.8 million in African exploration, identifying 2.8 million ounces of gold and gold-equivalent resources.
Average Trading Volume: 73,115
Technical Sentiment Signal: Sell
Current Market Cap: C$25.08M
Learn more about EAM stock on TipRanks’ Stock Analysis page.