African Energy Increases Private Placement and Grants Options
African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 1
AFRICAN ENERGY INCREASES PRIVATE PLACEMENT AND GRANTS OPTIONS
Vancouver, British Columbia - (November 23, 2022) – African Energy Metals Inc. (TSXV:
CUCO; FSE: BC2; OTCQB: NDENF) (“ African Energy Metals” or the “ Company ”) announces
that, further to its press releases of September 13, 2022 and October 24, 2022, it has increased its
previously announced non-brokered private placement (the “ Financing ”) of 10,000,000 units
(each a “ Unit ”) at a price of CAD $0.05 per Unit for aggregate p roceeds of CAD $500,000 to
12,000,000 Units for aggregate proceeds of CAD $600,000. Each unit will consist 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 will entitle the holder thereof to acquire one
additional common share in the capital of the Compa ny (a “ Warrant Share ”) at a price of $0.15
per Warrant Share at any time prior to 5:00 p.m. (Vancouver time) on the date (the “ Expiry Date ”)
that is 24 months from the date of issuance.
The proceeds from the Financing will be used for exploration expenses for sampling programs on
a highly prospective Manono, DRC lithium, tin, tant alum, rare earth project; for due diligence
relating to other projects in Africa, and for general working capital purposes. The securities issued
pursuant to the Financing will be subject to a hold period under applicable securities laws, which
will expire four months plus one day from the date of closing of the Financing. Closing of the
Financing is subject to receipt of all necessary co rporate and regulatory approvals, including
approval of the TSX Venture Exchange.
The Company also announces the grant of 4,000,000 i ncentive stock options (the “ Stock
Options ”) to certain of its directors, officers, consultan ts, and employees pursuant to the
Company’s Stock Option Plan. The options are exercisable for a period of five years at a price of
CAD$ 0.05 per share.
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 l ithium energy metals projects in the DRC.
African Energy Metals has the intention of acquirin g interests in additional concessions or
relinquishing concessions in the normal course of business both in and outside of the DRC. African
Energy Metals has an experienced management team located in the DRC.
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 including the cl osing of the private placement. The statements in t his press release are
made as of the date of this release. The Company u ndertakes no obligation to comment on analyses, exp ectations or
statements made by third parties in respect of the Company its securities, or its financial or operati ng results.