African Energy Metals Enters Joint Venture to Acquire Tanzanian Coal Projects and Announces Private Placement
African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 1
AFRICAN ENERGY METALS ENTERS JOINT VENTURE TO ACQUIRE
TANZANIAN COAL PROJECTS AND ANNOUNCES PRIVATE PLACEMENT
Vancouver, British Columbia - (September 13, 2022) – African Energy Metals Inc.
(TSXV: CUCO; FSE: BC2; OTCQB: NDENF; WKN: A3DEJG) (“ African Energy Metals”
or the “ Company ”) announced that the Company has signed an agreeme nt to enter a
joint venture with a Tanzanian group to acquire coal assets in Tanzania and announced
a private placement.
Tanzanian Coal Joint Venture
African Energy Metals has entered into an agreement with Black Hole Aurum Limited
(BHA) a private Tanzanian company, to jointly pursue and acquire controlling interests in
coal projects in Tanzania. BHA is controlled by exp erienced businessmen having
preexisting relationships with multiple coal compan ies with projects and delineated
resources in Tanzania. BHA and the Company are curr ently negotiating agreements on
the first two targets and have signed an exclusive MOU on one of the projects.
Stephen Barley, Executive Chairman stated: “African Energy Metals’ relationships in
Africa extend beyond the DRC and into many neighbor ing countries. With the renewed
interest in coal generated power in Europe, we were approached by BHA to participate
with them in this exciting opportunity. The focus w ill be on projects that can sustain or
increase coal production for export in the near term. The Company will continue with the
current lithium, tin, tantalum, and rare earth projects in the DRC.”
Private Placement
African Energy Metals intends to complete a non-bro kered private placement (the
“Financing ”) of 10,000,000 units (each a “Unit”) at a price o f CAD $0.05 per Unit for
aggregate proceeds of CAD $500,000. Each unit will consist of one common share of the
Company (a “ Share ”) and one-half of one common share purchase warran t (with each
whole warrant being a “Warrant ”). Each Warrant will entitle the holder thereof to acquire
one additional common share in the capital of the C ompany (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 ex ploration expenses for sampling
programs on the two highly prospective Manono, DRC lithium, tin, tantalum, rare earth
projects; for due diligence relating to coal projec ts in Tanzania, 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 th e Financing is subject to receipt of all
African Energy Metals Inc. Suite 401, 750 West Pender Street, Vancouver, B.C., Canada, V6C 2T7 2
necessary corporate and regulatory approvals, inclu ding approval of the TSX Venture
Exchange.
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. The Company is pursuing near t erm coal projects with current
resources in Tanzania. 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
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 an agreement will be concluded on the acquis ition of projects
with coal resources in Tanzania; there is no assura nce the private placement will be successfully comp leted. The
statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment
on analyses, expectations or statements made by thi rd parties in respect of the Company its securities , or its financial or
operating results.