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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 24, 2016) - East Africa Metals Inc. (TSX VENTURE:EAM) (the "Company") has granted an aggregate of 1 million stock options to a director pursuant to the Company's Stock Option Plan. The options have an exercise price of $0.10 per share and an expiry date of March 23, 2021.
The Company's Board of Directors has also approved of the grant of up to 2,750,000 bonus common shares to certain officers of the Company, subject to a vesting schedule of the later of July 1, 2016 or the date a mining license for the Company's Harvest project is issued. The shares have a deemed issue price of $0.10 per common share, and represent 2.7% of the Company's current number of outstanding common shares. The shares are also subject to the Exchange Hold Period, a voluntary hold period expiring March 1, 2017, shareholder approval and approval of the TSX Venture Exchange.
About East Africa Metals
The Company's principal assets and interests include both the 70%-owned Harvest polymetallic VMS exploration Project, which covers approximately 86 square kilometres in the Tigray region of Ethiopia, 600 kilometres north‐northwest of the capital city of Addis Ababa, and the Adyabo Project, covering 225 square kilometres immediately west of the Harvest Project. The Company owns 80% of the Adyabo Project, and upon execution of an NSR agreement the Company will own 100% of the Adyabo Project, subject to a 2% NSR. East Africa now has mineral resources defined at both projects in Ethiopia and continues to test priority targets. Additionally, the Company owns the 93 square kilometre Handeni Property located in north-eastern Tanzania. Handeni includes the Magambazi Project, a gold deposit discovered in 2009. East Africa has entered into a definitive agreement with an arm's length private exploration and development company to advance the project.
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
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.