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| Home : East Africa Metals Enters Into A Financing Arrangement With Tigray Resources |
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Dec 04
2013 |
East Africa Metals Enters Into A Financing Arrangement With Tigray Resources |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 4, 2013) - East Africa Metals Inc. (TSX VENTURE:EAM) ("EAM" or "East Africa Metals" or the "Company") announces that it has entered into a $2.0 million loan agreement (the "Loan") with Tigray Resources Inc. ("Tigray" or the "Borrower"). The Loan has been fully advanced to the Borrower and will be used to continue funding the exploration of Tigray's Adyabo project (the "Adyabo Project") and Tigray's Harvest project (the "Harvest Project" and, together with the Adyabo Project, the "Projects") and for general corporate purposes. The Loan is due and payable in full on June 3, 2014 (the "Maturity Date"), subject to a six-month extension period (the "Extension") at the sole discretion of East Africa Metals. The Loan is secured by a charge on the shares of Tigray Resources Holdings Inc., a wholly-owned subsidiary of Tigray which holds the controlling interest in Tigray's Ethiopian subsidiaries and the Projects, bears interest at a rate of 12% per annum, calculated and compounded quarterly, and is payable in full on the Maturity Date. Tigray may, at its option, prepay all or part of the Loan at any time on the condition it has provided East Africa Metals not less than 10 business days' notice. |
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| Source:http://www.marketwired.com/mw/release.do?id=1858817&sourceType=3 |
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