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East Africa Metals ( (TSE:EAM) ) has provided an update.
East Africa Metals has announced a non-brokered private placement to raise CAD$5,522,000 through the sale of 50,200,000 common shares at CAD$0.11 per share, with a strategic investor acquiring a 19.9% stake in the company. The proceeds will be used to advance projects in Ethiopia and Tanzania, as well as for legal, accounting, marketing, and general working capital purposes, reflecting confidence in the company’s African assets and growth prospects.
More about East Africa Metals
East Africa Metals is a company involved in the mining industry, with principal assets including a 30% Net Profits Interest in the Mato Bula and Da Tambuk mines in Ethiopia, and a 70% project interest in the Harvest polymetallic VMS Exploration Project in the Tigray Region of Ethiopia. Additionally, the company holds 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 a total of 2.8 million ounces of gold and gold-equivalent resources.
Average Trading Volume: 59,927
Technical Sentiment Signal: Hold
Current Market Cap: C$26.17M
See more insights into EAM stock on TipRanks’ Stock Analysis page.