Vancouver, British Columbia–(Newsfile Corp. – December 20, 2022) – African Energy Metals Inc. (TSXV: CUCO) (FSE: BC2) (OTCQB: NDENF) (WKN: A3DEJG) (“African energy metals” or the “Business“) is pleased to announce that the company has acquired an additional 200 km² of concessions in the South Kivu region of the Democratic Republic of the Congo with a high probability of cassiterite (tin), tungsten, coltan, lithium, beryllium, gold and land The Kivu region is the same district as the world-class Aphamin tin mine.
African Energy Metals entered into an assignment agreement with AuClair ECC SASU (“AuClair”) pursuant to which AuClair has assigned to African Energy Metals 100% of AuClair’s interest in an agreement with Amur Sarl (“Amur”) to enter into a joint participation 60/40 dabble in the project. The project is 100% owned by Compagnie Miniere de Kalehe SA (“CMK SA”), which is a joint venture between Amur and Societe Aurifere du Kivu et du Maniema SA (“Sakima”). The Company would acquire a 60% interest in CMK. The shareholders of Amur, CMK and Sakima and AuClair are at a distance from the Company. In consideration of the assignment, African Energy Metals will assume all rights and obligations under the joint venture and will issue 3,000,000 African Energy Metals common shares at AuClair’s instructions. The Amur deal is structured as an exclusive agreement that will convert to a formal joint venture agreement during the 180-day due diligence period. African Energy Metals will pay Amur US$150,000 upon successful completion of due diligence and execution of formal agreements.
The Company will pay a common share finder’s fee to independent parties in accordance with TSXV policies. Closing of the transaction is subject to the completion of a satisfactory due diligence review by African Energy Metals, other industry standard conditions and regulatory approvals, including the TSX Venture Exchange.
The Company also announces the grant of 250,000 incentive stock options (the “storage options“) to certain of its directors, officers, consultants and employees pursuant to the Company’s Stock Option Plan. The options are exercisable for a period of five years at a price of Can$0.075 per share.
About African Energy Metals
African Energy Metals is a natural resources company focused on the acquisition, exploration, development and operation of copper, cobalt and lithium energy metals projects in the DRC. African Energy Metals intends to acquire interests in additional concessions or relinquish concessions in the normal course of business both inside and outside the DRC. African Energy Metals has an experienced management team located in the Democratic Republic of the Congo.
For more information contact:
Stephen Barley, CEO
Phone: (604) 428-7050
Email: This e-mail address is protected against spambots. You need to enable JavaScript to view it.
Website: www.africanenergymetals.com
notice to reader
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain “forward-looking information” within the meaning of applicable securities laws. Although the Company believes, based on the experience of its officers and directors, current conditions and expected future developments, and other factors deemed appropriate, that the expectations reflected in this forward-looking information are reasonable, they should not be relied upon. since the Company cannot guarantee that they will be correct, including the execution of formal agreements; the successful completion of due diligence; clean title; and obtaining the necessary financing. There is no guarantee that the Company will complete positive due diligence or enter into definitive agreements within the time frames set forth in this statement. Statements in this press release are made as of the date of this release. The Company does not undertake any obligation to comment on analyses, expectations or statements made by third parties with respect to the Company, its securities or its financial or operating results.
