VANCOUVER, British Columbia, Jan. 15, 2018 (GLOBE NEWSWIRE) -- East Africa Metals Inc. (TSX Venture:EAM) (“East Africa” or the “Company”) announces that it has elected to accelerate the expiry date of the warrants (the “Warrants”) issued to purchasers and finders under its private placement financing completed on May 31, 2016. Each Warrant entitles the holder to purchase one common share at a price of $0.25 per share. The Warrants were originally set to expire on May 31, 2018 and will now expire on February 5, 2018.
Pursuant to the terms of the Warrants, if at any time after October 1, 2016, the Company’s common shares have a closing price on the TSX Venture Exchange of $0.30 per share or greater for a period of 10 consecutive trading days, the Company will be entitled to accelerate the expiry date of the Warrants upon 20 days’ notice given by news release, and the Warrants will then expire on the 20th day after the date of such notice.
As of the market close on January 15, 2018, East Africa’s common shares had traded at or above $0.30 for 10 consecutive trading days.
This news release constitutes notice to Warrant holders that the Company has elected to accelerate the expiry date of the Warrants and of the new expiry time. Effective today, the Warrants issued to the purchasers and finders pursuant to the above noted private placement are set to expire at 4:30 p.m. (Vancouver time) on February 5, 2018. Any Warrants remaining unexercised after the new expiry time will be cancelled.
