African Energy Metals Announces 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 LATE FILING OF FINANCIAL
STATEMENTS
Vancouver, British Columbia - (April 12, 2024) – African Energy Metals Inc. (TSXV: CUCO;
FSE: BC2; WKN: A3DEJG) (“ African Energy Metals” or the “ Company”) announces the
Company’s potential delay in filing its annual financial statements for the year ended
December 31, 202 3 and related management discussion and analysis and certifications
(collectively, the “ Financial Statements ”) and the CEO and CFO certificates relating to the
Financial Statements (the “Required Filings”) beyond the prescribed filing deadlines.
The Company’s potential delay in filing its Required Filings on time is because it has encountered
difficulty in compiling all required information to complete the audit.
Considering the foregoing factors, it is the Company’s view that should the Required Filings not
be filed by April 29, 2024, 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”).
The Company has applied for a Management CTO, however 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 April 29, 2024. The Company’s failure to file such Required Filings within this one-
month period may result in the securities commissions or regulators imposing an Issuer Cease
Trade Order.
The Company proposes to remedy the default working with its auditor to ensure the filing of its
Required Filings as soon as possible. The Company expects to be able to issue and file the Required
Filings by no later than May 29, 2024.
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, as a result 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 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 critical metals projects in the Manitoba Flin Flon mining belt.
African Energy Metals will have an experienced management and exploration team located in Flin
Flon Manitoba.
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 information 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 risks and uncertainties concerning the specific factors disclosed here
and elsewhere in African Energy Metals’ periodic filings with Canadian securities regulators. When used in this news
release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," 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 expectations 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.