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East Africa receives formal consent from the government of Tanzanian, concludes Magambazi Mine gold stream transaction


East Africa receives formal consent from the government of Tanzanian, concludes Magambazi Mine gold stream transaction
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East Africa Metals Inc. (TSXV: EAM -
East Africa , EAM or the
Company ) is pleased to announce that, further to it s press release dated October 22, 2020, it has received formal consent from the government of Tanzania, approving the Magambazi gold stream transaction with Tanzanian partner PMM Mining Company Limited ( PMM ). The wire transfer of USD2.0M property payment has been made.
The Magambazi Transaction:
The consideration for the transaction includes:
PMM has paid to EAM the sum of US$2,000,000, being consideration for the acquisition of 100% ownership stake in Canaco Tanzania Ltd. ( CTL ), EAM s Tanzanian subsidiary company, which owns the Magambazi and Handeni Mining Licenses (the Mining Assets or Magambazi Mine ) and all other properties owned by East Africa in Tanzania (the ....

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