Aero Energy Announces Upsize to Previously Announced Non-Brokered Private Placement and Closing of First Tranche
Aero Energy Announces Upsize to Previously Announced Non-Brokered Private
Placement and Closing of First Tranche
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia – March 6, 2024 – Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF)
(FSE: 13L0) ( “Aero” or the “ Company”) is pleased to announce that , further to its press release dated
February 13, 2024, due to strong demand, the Company has upsized its previously announced private
placement of units to $5,900,000 (the “Offering”) from $5,000,000. The Company closed the first tranche
of the Offering for gross proceeds of $4,537,170 on March 5, 2024.
In connection with the completion of the first tranche of the Offering, the Company issued (i) 12,418,468
non-flow-through units of the Company ( each, an “ NFT Unit“) at a price of $0.15 per NFT Unit; (ii)
8,425,144 flow-through units of the Company ( each, an “FT Unit“) at a price of $0.175 per FT Unit; and
(iii) 5,274,724 flow-through charity units ( each, an “Charity Units”) at a price of $0.2275 for aggregate
gross proceeds of $4,537,170.
Each NFT Unit consists of one non -flow-through common share of the Company (each, a “Share”) and
one-half of one share purchase warrant (a “Warrant”). Each FT Unit and Charity Unit consists of one Share
and one-half of one Warrant, each of which will qualify as “flow -through shares” under the Income Tax
Act (Canada). Each Warrant entitles the holder thereof to acquire one additional common share of the
Company (each, a “Warrant Share ”) at a price of $0.25 per Warrant Share until March 5, 2026 . The
Warrant Shares will be issued on a non-flow-through basis.
The securities issued pursuant to the initial tranche of the Offering will be restricted from trading until July
6, 2024. A total of $199,595 cash was paid and a total of 1,107,526 finder’s warrants (the “ Finder’s
Warrants”) were issued to eligible arm’s length finders in connection with the closing of the first
tranche. The Finder’s Warrants were issued on the same terms as the Warrants. Eventus Capital Corp.
was appointed as a Finder in connection with the Offering.
The gross proceeds from the sale of the FT Units and the Charity FT Units will be used by the Company to
incur eligible “Canadian exploration expenses” that qualify as “flow -through critical mineral mining
expenditures” as such terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”)
related to the Company’s uranium projects in the Athabasca Basin, Saskatchewan, on or before December
31, 2025. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units and
Charity FT Units effective December 31, 2024. The net proceeds from the sale of the NFT Units will be
used for general working capital purposes.
Closing of the final tranche of the Offering is anticipated to occur on or about March 8, 2024, and is subject
to customary closing conditions. In connection with the Offering, the Company may pay finder ’s fees to
eligible finders. All securities issued in connection with the Offering will be subject to a statutory hold
period of four months and a day. Additional details regarding the Offering can be found in the Company’s
news release dated February 13, 2024.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities
in the United States of America. The securities have not been and will not be registered under the United
States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold
within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933
Act and applicable state securities laws, or an exemption from such registration is available.
About Aero Energy Limited
Aero Energy is a mineral exploration and development company advancing a district -scale 250,000-acre
land package in the historic Uranium City district within Saskatchewan’s Athabasca Basin. Aero Energy is
focused on uncovering high -grade uranium deposits across its flagship optioned properties – Sun Dog,
Strike, and Murmac – in addition to its fully owned properties. With the application of modern exploration
techniques, the Company has identified over 50 s hallow drill-ready targets and 125 kilometers of target
horizon on the frontier north rim of the Athabasca Basin. Aero Energy is tapping into the Athabasca Basin’s
emerging potential for high-grade, unconformity-style mineralization.
On Behalf of the Board of Directors
“Galen McNamara”
Galen McNamara, Interim Chief Executive Officer
Further information on the Company can be found on the Company’s website at www.aeroenergy.ca and
the Company’s SEDAR+ profile at www.sedarplus.ca, or by contacting the Company by email at
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.
Forward-Looking Statements: This news release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. These statements relate to future events or
future performance and include expectations regarding the intended use of proceeds from the Offering;
the renunciation of Qualifying Expenditures; completion of a final tranche of the Offering; the amount of
the final tranche of the Offering; and exploration activities. All statements other than stateme nts of
historical fact may be forward- looking statements or information. Forward- looking statements and
information are often, but not always, identified by the use of words such as “appear ”, “seek”,
“anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”,
“potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about
the current expectations and plans of management of the Company relating to the future. Readers are
cautioned that reliance on such statements and information may not be appropriate for other purposes,
such as making investment decisions. Since forward-looking statements and information address future
events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results
could differ materially from those currently anticipated due to a number of factors and risks. Accordingly,
readers should not place undue reliance on the forward- looking statements, timelines and information
contained in this news release. Forward- looking information are based on management of the parties ’
reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such
management’s experience and perception of trends, current conditions and expected developments, and
other factors that management believes are relevant and reasonable in the circumstances, but which may
prove to be incorrect.
The Company undertakes no obligation to update forward- looking information except as required by
applicable law. Such forward- looking information represents management ’s best judgment based on
information currently available. No forward- looking statement can be guaranteed and actual future
results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-
looking statements or information.