East Africa Metals Inc. announces voting results from its Annual Meeting of Shareholders held today in Vancouver, BC.
As of cut off, December 15, 2022, a total of 52,041,422 million common shares, representing approximately 25.48% of the Company’s issued and outstanding common shares were voted in connection with the meeting. East Africa’s shareholders voted overwhelmingly in favor of all items of business, including the election of each director nominee, as follows:
- Jingbin Wang
- Andrew Lee Smith
- Antony Harwood
- In Favor
- Sean Waller
- David Parsons
- Zhen Liao (New Appointee)
East Africa’s shareholders voted 100% in favor to reappoint PricewaterhouseCooper LLP as auditors and disinterested shareholders voted 80.09% in favor of the 2022 Stock Option Plan.
The Company has a fixed stock option plan which was adopted by the Board on November 7, 2022 (the “2022 Stock Option Plan”), to replace the previous fixed stock option plan, which was approved by shareholders at the annual meeting held on December 17, 2021.
The maximum number of common shares which may be issued under the 2022 Stock Option Plan is 40,856,047. The 2022 Stock Option Plan was amended to align the plan with the revised policies of the TSX Venture Exchange on security based compensation, effective as of November 24, 2021. The 2022 Stock Option Plan has been conditionally approved by the TSX Venture Exchange. Additional details regarding the 2022 Stock Option Plan are described in the management information circular mailed to the Company’s shareholders and filed on SEDAR in respect of the meeting.
The Company also wishes to announce the appointment of a new Director to the Company’s Board, Mr. Zhen Liao. Mr. Liao is a senior geologist with over 14 years of experience in geological exploration of mineral resources, mining operations and project management. Since 2022, he has been the General Manager of Sinotech Minerals.
From October 2020 to October 2022 Mr. Liao was Chief Geologist of Sino-Zijin Resources and from 2015 to October 2020 he was Chief Geologist of Sinotech Minerals. Mr. Liao is an expert with the Mineral Resources Reserve Evaluation Center for the Ministry of Natural Resources of the People’s Republic of China and a distinguished expert in investing and environmental research for the International Mining Research Center, China Geological Survey.
Mr. Liao holds a B.Sc. (Geochemistry) from China University of Geosciences（Wuhan）and a M.Sc. (Ore Deposit Geochemistry) from the Institute of Geochemistry, Chinese Academy of Science. Mr. Liao led his team and discovered a number of mineral deposits in China and was granted multiple awards for distinguished prospecting achievements and scientific and technological innovations.
Dr. Zhijun He did not stand for re-election to the Board. The Company wishes to thank Dr. He for his years of service to the Company.
About East Africa Metals
The Company’s principal assets include a 30% Net Profits Interest in the Mato Bula and Da Tambuk mines (collectively “Adyabo Property”) and a 70% project interest in the Harvest polymetallic VMS Exploration Project in the Tigray Region of Ethiopia. In addition, the Company has a 30% Net Streaming Interest in the Magambazi Mine in the Tanga Region of Tanzania.
The Mato Bula and Da Tambuk mines are four kilometres apart and will be developed simultaneously. The development of the mining operations is scheduled to begin during the second half of 2021.
East Africa retains exploration rights on areas of the properties outside the Mato Bula, Da Tambuk and Terakimti mining licenses in all Ethiopian projects and anticipates the commencement of exploration drilling to test priority targets during the second half of 2021.
EAM has invested US$66.8M in African exploration since 2005 and identified a total of 2.8 million ounces of gold and gold-equivalent resources representing an average discovery cost per ounce of US$24.