African Energy Metals Announces Extension ON Mali Acquisition Agreement, Appointment of New Auditor and Late Filing of Financial Statements
African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 1
AFRICAN ENERGY METALS ANNOUNCES EXTENSION
ON MALI ACQUISITION AGREEMENT, APPOINTMENT OF NEW
AUDITOR AND LATE FILING OF FINANCIAL STATEMENTS
Vancouver, British Columbia - (April 21, 2023) – African Energy Metals Inc. (TSXV: CUCO;
FSE: BC2; OTCQB: NDENF; WKN: A3DEJG) (“ African Energy Metals” or the “ Company ”)
announces the extension of the closing date on the Falea acquisition to May 30, 2023. The
Company also announces the appointment of a new auditor and the Company’s potential delay in
filing its annual financial statements for the year ended December 31, 2022, and related
management discussion and analysis and certifications (collectively, the “ Financial Statements ”)
and the CEO and CFO certificates relating to the Fi nancial Statements (the “ Required Filings ”)
beyond the prescribed filing deadlines.
Mali Acquisition Agreement
The Company is pleased to announce the Company and GoviEx Uranium Inc. (TSX-V: GXU;
OTCQX: GVXXF) (“ GoviEx ”) have agreed to extend the outside date of the sh are purchase
agreement announced on January 18, 2023, from April 14, 2023, to May 30, 2023. The extension
provides for additional time to obtain documents required to comply with the TSXV filing and to
allow for the completion of the Financial Statements by the Company.
Appointment of New Auditor
The Company is pleased to announce it has retained Vancouver based Saturna Group Chartered
Professional Accountants LLP to act as auditors for the Company, replacing
PricewaterhouseCoopers LLP. There were no disagreem ents between the Company and
PricewaterhouseCoopers LLP.
Potential Delay in Filing
The Company’s potential delay in filing its Require d Filings on time is because it has recently
decided to engage Saturna Group Chartered Professio nal Accountants LLP as auditors of the
Company. As part of the formal change of auditor pr ocess under National Instrument 51-102 –
Continuous Disclosure Obligations, the Notice of Change of Auditor, together with the letter from
the former auditor, was filed on April 20, 2023 and posted on the Company’s profile at
www.sedar.com .
Considering the foregoing factors, it is the Company’s view that should the Required Filings not
be filed by May 1, 2023, then, the present circumstances warrant the imposition of a management
cease trade order (“ Management CTO ”), rather than a cease trade order (“ CTO ”), as
contemplated under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”).
African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 2
The Company has applied for a Management CTO, howev er there is no assurance that it will be
granted.
The Company’s Required Filings are required to be filed within one month of the prescribed filing
deadline of May 1, 2023. The Company’s failure to f ile such Required Filings within this one-
month period may result in the securities commissio ns or regulators imposing an Issuer Cease
Trade Order.
The Company proposes to remedy the fault by working with its new auditor to ensure the filing of
its Required Filings as soon as possible. The Compa ny expects to be able to issue and file the
Required Filings by no later than May 30, 2023.
The Company therefore fully expects to file its Required Filings prior to the end of the additional
one-month period as prescribed by NP 12-203. Further, the Company has confirmed that it intends
to satisfy the provisions of the alternative information guidelines described in sections 9 and 10 of
NP 12-203 for so long as it remains in default for failure to file the Required Filings. Should the
Company fail to file the appropriate Default Status Reports as prescribed by NP 12-203, the
securities commissions or regulators may, because of such failure, impose an Issuer Cease Trade
Order.
The Company confirms that it is not subject to any insolvency proceeding as of the date hereof.
The Company also confirms that there is no other ma terial information concerning the affairs of
the Company that has not been generally disclosed as of the date herein.
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 acquiring interests in additional concessions or
relinquishing concessions in the normal course of b usiness. 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
African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 3
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.
Although African Energy Metals believes the expecta tions reflected in such forward-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 statements are necessarily based upon a number of estimates, and assumptions (including the
receipt of regulatory approvals) that, while considered reasonable, are subject to known and unknown risks, uncertainties
and other factors which 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.