East Africa has received confirmation from Shandong Tyan Home Co. Ltd. ("STH") that it has completed legal, financial and technical due diligence and that the subscription agreement to acquire 20 million units of East Africa has been executed. The financing terms include:STH is to acquire 20 million units of East Africa at a price of $0.26 per unit for gross proceeds of $5.2 million. East Africa now has mineral resources defined at both projects in Ethiopia and plans to continue to test priority targets. East Africa has entered into a definitive agreement with an arm's length private exploration and development Company to advance the project. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.

Source: Ethiopian News January 09, 2017 08:26 UTC