African Energy Metals Announces Delay IN Filing of Annual Financial Statements and Related Documents and Grant of Management Cease Trade Order
African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 1
AFRICAN ENERGY METALS ANNOUNCES DELAY IN FILING
OF ANNUAL FINANCIAL STATEMENTS AND RELATED DOCUMENTS AND
GRANT OF MANAGEMENT CEASE TRADE ORDER
Vancouver, British Columbia - (May 3, 2023) – African Energy Metals Inc. (TSXV: CUCO; FSE: BC2;
OTCQB: NDENF; WKN: A3DEJG) (“ African Energy Metals” or the “ Company ”) announces the
Company’s delay in filing the following documents:
The Company’s annual audited financial statements f or the year ended December 31, 2022, as
required by Section 4.2 of National Instrument 51-102 – Continuous Disclosure Obligations;
The Company’s management discussion and analysis fo r the year ended December 31, 2022, as
required by Section 5.1(2) of NI 51-102; and
Chief Executive Officer and Chief Financial Officer certificates relating to the audited annual
financial statements, as required by NI 51-102,
(the “ Required Filings ”).
The default is due to the Company’s recent change o f auditors. The Company is working diligently to
remedy the default by working with its new auditor to ensure the filing of its required filings as soo n as
possible (see Notice of Change of Auditors filed on the Company’s profile on SEDAR on April 20, 2023).
Accordingly, the Company has applied for, and received, a management cease trade order (“ MCTO ”) from
the British Columbia Securities Commission, pursuant to which the Company will have until June 30, 2023
to file the Required Filings.
The Company is providing this default announcement in accordance with National Policy 12-203
Management Cease Trade Orders (“ NP 12-203 ”). The MCTO will prohibit the Chief Executive Offi cer
and the Chief Financial Officer of the Company from trading in the securities of the Company until suc h
time as the documents are filed. The issuance of the MCTO does not affect the ability of persons other than
the Chief Executive Officer and the Chief Financial Officer of the Company to trade in the Company’s
securities.
During the period of default and until filing of the documents, the Company intends to satisfy the provisions
of the alternative information guidelines as descri bed in Sections 9 and 10 of NI 12-203. Should the
Company fail to file the appropriate Default Status Reports as prescribed by NP 12-203, the securities
commissions or regulators may, as a result of such failure, impose an Issuer Cease Trade Order. Until the
Company has filed the documents, members of the company’s management and other insiders are subject
to an insider trading blackout policy as per its in ternal insider trading policy that is consistent wi th the
principles in Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations
in Multiple Jurisdictions . The Company confirms that it is not subject to any insolvency proceeding as of
the date hereof. The Company also confirms that the re is no other material information concerning the
affairs of the Company that have not been generally disclosed as of the date herein.
African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 2
About African Energy Metals
African Energy Metals is a natural resource company with a focus on the acquisition, exploration,
development, and operation of uranium, copper, coba lt, and lithium energy metals projects in Africa.
African Energy Metals has the intention of acquirin g interests in additional concessions or relinquish ing
concessions in the normal course of business. African Energy Metals has an experienced management team
located in the DRC.
For further information, please contact:
Stephen Barley, Executive Chairman Phone:
+1-604-428-7050
Email: [email protected]
Website: www.africanenergymetals.com
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 infor mation within the meaning of applicable securities laws. All
information and statements other than statements of current or historical facts contained in this news release are forward-
looking information.
Forward-looking statements are subject to various r isks and uncertainties concerning the specific fact ors disclosed here
and elsewhere in African Energy Metals’ periodic fi lings with Canadian securities regulators. When use d in this news
release, words such as "will", "could", "plan", "es timate", "expect", "intend", "may", "potential", "s hould," and similar
expressions, are forward- looking statements. Information provided in this document is necessarily summarized
and may not contain all available material information.
Forward-looking statements include those in relation to the filing of the Required Filings and the anticipated timing thereof
and the ability of the Company to comply with the provisions of the alternative information guidelines described in sections
9 and 10 of NP 12-203. Although African Energy Meta ls believes the expectations reflected in such forw ard-looking
statements are based on reasonable assumptions, it can’t make any assurances that its expectations will be achieved. Such
assumptions may prove incorrect. Forward looking st atements are necessarily based upon a number of est imates, and
assumptions (including the receipt of regulatory ap provals) that, while considered reasonable, are sub ject to known and
unknown risks, uncertainties and other factors whic h may cause the actual results and future events to differ materially
from those expressed or implied by such forward looking statements.
The forward-looking statements in this news release are made as of the date of this news release, and African Energy
Metals disclaims any intention or obligation to update or revise such information, except as required by applicable law.