July 2 (Reuters) - East Africa Metals Inc EAM.V :
* EAST AFRICA METALS SIGNS DEFINITIVE AGREEMENT FOR DEVELOPMENT FINANCING
* EXECUTED SHARE PURCHASE AGREEMENT AND JV CONTRACT WITH SILK ROAD RESOURCES INVESTMENTS CO, UNIT OF TIBET HUAYU MINING CO LTD
* EAM WILL RECEIVE A CASH PAYMENT OF US$1.2MLN ON CLOSING OF TRANSACTION AND RETAIN A 30% NET PROFIT INTEREST
* THM HAS AGREED TO PURCHASE 70% INTEREST OF ADYABO PROJECT
* EAM WILL RETAIN EXPLORATION RIGHTS TO ALL PROSPECTIVE MINERALIZATION ON ITS CONCESSION AREAS OUTSIDE OF CURRENT RESOURCE