Project Development / Joint VentureThe MOU with LW contemplates that a joint venture company ("JVCo") will be formed, with 70% owned by LW and 30% owned by East Africa. $2 Million LoanLW and East Africa also entered into a loan agreement pursuant to which LW has agreed to lend C$2,000,000 to East Africa. Under the loan agreement, East Africa is required to restructure its existing cooperation agreement with respect to the Magambazi project within 30 days. The C$2,000,000 loan proceeds will be deemed to be LW's cash consideration payable to East Africa for the joint venture, and any accrued interest would be forgiven. The corrected resource information was disclosed via press release on January 11, 2016.

Source: Ethiopian News October 02, 2017 07:07 UTC