Enerev5 Metals Closes Final Tranche of Private Placement

Enerev5 Metals Closes Final Tranche of

Private Placement

Toronto, Ontario--(Newsfile Corp. - December 19, 2022) - Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB:

ENEVF) (the "Company") announces that it has completed a third and final tranche of the Company's

brokered private placement through IBK Capital Corp. (the "Agent") of units first announced on

September 23, 2022. Each unit is priced at $0.05 and consists of one common share and one common

share purchase warrant.

Each common share purchase warrant entitles the holder to acquire one

additional common share at a price of $0.05 for a period of five years from the closing date.

In addition to the first and second tranches representing gross proceeds of $292,500 of the private

placement previously announced, the Company has completed a third tranche of the private placement,

subject to final acceptance by the TSXV, with the issue and sale of 2,000,000 Units at a price of $0.05

per Unit for gross proceeds of $100,000 (the "

Third Tranche

"). The Company paid the Agent a cash

fee of $9,000 and issued to the Agent 200,000 non-transferable broker warrants (the "

Broker

Warrants

") in connection with the completion of the Third Tranche. Each Broker Warrant entitles the

holder to acquire one Unit of the Company (having the same terms as those issued in the Third Tranche)

at a price of $0.05 until December 19, 2027. William F. White acquired 1,000,000 Units sold in the Third

Tranche. Mr. White is a "connected issuer" and "related issuer" of the Company, as defined in Canadian

securities legislation, by virtue of the ownership of securities of the Company by the Agent and its

directors and officers.

Net proceeds from the Third Tranche will be used for administrative expenses and general working

capital. All securities issued in the Third Tranche are subject to a 4-month hold period.

About Enerev5 Metals Inc.

Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB: ENEVF) is a Canadian resource company focusing on

exploration and development potential related to energy metals such as nickel, copper, cobalt, and

other strategic battery minerals, as well as other net zero related assets.

For more information on the Company, investors should review the Company's filings at

www.sedar.com

and its website at

www.enerev5metals.net

.

For additional information, please contact:

John F. O'Donnell

CEO and Chairman of the Board

Enerev5 Metals Inc.

Telephone: +1-647-966-3100

Website:

www.enerev5metals.net

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE

U.S.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/148767