5AFRICAN Energy Closes First Tranche of Private Placement
African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 1
5AFRICAN ENERGY CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Vancouver, British Columbia - (October 24, 2022) – African Energy Metals Inc. (TSXV:
CUCO; FSE: BC2; OTCQB: NDENF; WKN: A3DEJG) (“ African Energy Metals” or the
“Company ”) announced that, further to its press release of September 13, 2022, it has
closed the first tranche of its non-brokered privat e placement (the “ Financing ”) of
2,600,000 units (each a “ Unit ”) at a price of CAD $0.05 per Unit for aggregate p roceeds
of CAD $130,000. Each Unit consists of one common share of the Company (a “ Share ”)
and one-half of one common share purchase warrant ( with two half warrants being a
“Warrant ”). Each Warrant entitles the holder thereof to acq uire one additional common
share in the capital of the Company (a “ Warrant Share ”) at a price of $0.10 per Warrant
Share at any time prior to 5:00 p.m. (Vancouver time) on the date (the “ Expiry Date ”) that
is 24 months following the Closing Date.
The proceeds from the Financing will be used for du e diligence on prospective projects
and for general working capital purposes.
No finder’s fees were paid in connection with the f irst tranche. All securities issued
pursuant to the Financing are subject to a statutor y four-month and one day hold period
from the date of issuance to applicable securities laws of Canada.
Tanzania Coal
The Company has determined to not proceed at this t ime with coal projects in Tanzania
or with the announced joint venture with Black Hole Aurum Limited.
About African Energy Metals
African Energy Metals is a natural resource company with a focus on the acquisition,
exploration, development, and operation of copper, cobalt, and lithium energy metals
projects in the DRC. African Energy Metals has the intention of acquiring interests in
additional concessions or relinquishing concessions in the normal course of business.
African Energy Metals has an experienced management team located in Africa.
For further information, please contact:
Stephen Barley, Executive Chairman
Phone: (604-834-2968)
Email: [email protected]
Website: www.africanenergymetals.com
African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 2
Reader Advisory
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.
This news release may contain “forward-looking information” within the meaning of applicable securities laws. Although
the Company believes, considering the experience of its officers and directors, current conditions and expected future
developments and other factors that have been consi dered appropriate, that the expectations reflected in this forward-
looking information are reasonable, undue reliance should not be placed on them as the Company can give no assurance
that they will prove to be correct. There is no ass urance the balance of the private placement will be successfully
completed. The statements in this press release ar e made as of the date of this release. The Company undertakes no
obligation to comment on analyses, expectations or statements made by third parties in respect of the Company its
securities, or its financial or operating results.