African Metals Corporation Announces Revocation of Cease Trade Orders BY the BCSC
30813.153299.RRW.18640549.4
AFRICAN METALS CORPORATION ANNOUNCES REVOCATION OF CEASE
TRADE ORDERS BY THE BCSC
TORONTO, Ontario, December 21, 2020 – African Metals Corporation (NEX: AFR.H) (“African
Metals” or the “Company”) is pleased to announce that, effective December 17 , 2020 (the
“Effective Date”), the British Columbia Securities Commission (the “ BCSC”), the Company’s
principal regulator under Division 4 of National Policy 11 -207, fully revoked the Management
Cease Trade Order issued against certain insiders of the Company on September 30, 2016 (the
“MCTO”) and the Failure-to-File Cease Trade Order issued against the Company on December
1, 2016 (the “ FFCTO”). The Company thanks its shareholders and supporters for their patience
during the period that the MCTO and the FFCTO were in effect.
The MCTO was issued by the BCSC as a result of the Company’s failure to file its annual audited
financial statements for the year ended May 31, 2016 (the “ 2016 Financials ”) and the
accompanying management’s discussion and analysis (“MD&A”). The FFCTO was subsequently
issued by the BCSC as a result of the Company’s failure to file its 2016 Financials and its interim
financial report for the period ended August 31, 2016, along with the accompanying MD&A and
the related certifications, on or before the prescribed filing deadline as required under applicable
Canadian securities legislation. For further information on the circumstances surrounding the
MCTO and the FFCTO, please see the Company’s news releases dated September 30, 2016 and
March 13, 2017, respectively.
In connection with its application to revoke the MCTO and the FFCTO, the Company has provided
an undertaking to the BC SC that it will hold an Annual General Meeting within three months of
the Effective Date. The Company has met all other conditions required by the BCSC for
revocation of the MCTO and the FFCTO.
Now that the MCTO and the FFCTO have been revoked, the Company intends to apply to the TSX
Venture Exchange (“TSXV”) to transfer its listing from the NEX board (the “NEX”) to the TSXV
as a Tier 2 issuer and to reinstate trading of its common shares (the “Common Shares”) on the
TSXV, all in accordance with applicable rules and policies of the TSXV.
The Company expects its future business plan s to consist of, among other things, continued
evaluation of the Company’ s Silver Bell St. Lawrence Project in Montana and ex amination of
other business opportunities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
About African Metals
African Metals is a mineral exploration company whose current sole project is its Silver Bell St.
Lawrence Project (“SBSL”) in Montana. The Project hosts two past producing gold-silver mines,
the Silver Bell Mine on the west and the St. Lawr ence Mine on the east. Both mines operated in
the early 1900s and the St. Lawrence was reactivated a nd operated in the early 1980s. In a press
release dated March 2, 2020, the Company announced that it had received an encouraging report
from Dr. John Chil ds, PhD of Childs Geoscience Inc. ("CGI") of Bozeman, Montana, project
2
30813.153299.RRW.18640549.4
geologist on drilling completed in late 2019 at the SBSL. Results of that report are set out in that
press release for which Dr. Childs was the qualified person responsible for approving the technical
information contained therein.
For more information, please contact Daniel Gregory, Chief Financial Officer at (416)-709-9266
or by email at [email protected].
Forward-Looking Information: This news release contains certain forward-looking statements
(“FLS”) relating to the Company’s plans, expectations, intentions and beliefs in connection with
its business, including, without limitation, the continued evaluation of the SBSL and examination
of other business opportunities, the revocation of the MCTO and the FFCTO and the listing and/or
trading of its Common Shares , including, without limitation, the application to be submitted by
the Company to the TSXV to transfer its listing from the NEX to the TSXV as a Tier 2 issuer and
to reinstate trading of its Common Shares . FLS can be identified by forward -looking words such
as “proposed”, “intends”, “expects”, “potential”, “estimated”, “anticipated”, “may” and “will” or
similar words suggesting future outcomes or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or performance. Such FLS reflect
management's current beliefs and are based on information currently available to management.
FLS involve risks and uncertainties that could cause actual results to differ materially from those
contemplated by such statements, and there can be no assurance that actual results will be
consistent with these FLS. Factors that could cause such differences include, without limitation:
the inability of the Company to obtain the TSXV’s approval respecting its listing of Common
Shares on the TSXV as a Tier 2 issuer and the reinstatement of trading of its Common Shares ;
risks related to general economic and market conditions and/or economic and market conditions
related to the COVID -19 global pandemic; and other as yet unknown or unidentified risks. This
list is not exhaustive of the fact ors that may impact the Company’ s FLS. These and other factors
should be con sidered carefully, and readers should not place undue reliance on the Company ’s
FLS. As a result of the foregoing and other factors, no assurance can be given as to the occurrence
of these future events, and neither the Company nor any other person assume s responsibility for
the accuracy and completeness of these FLS. The factors underlying current expectations are
dynamic and subject to change.