Vancouver, British Columbia – (July 22, 2022) – African Energy Metals Inc. (TSXV: CUCO; FSE: BC21; OTCQB: NDENF; WKN: A3DEJG) (“African Energy Metals” or the “Company”) is pleased to announce the Company has reduced the consideration to be paid for the interest in a project first announced on March 3, 2022 in the prolific Manono area of the DRC with high prospectively for lithium, tin, tantalum, and rare earths.
The Assignment Agreement with Whiskey Cobalt Mining SASU (WCM) was amended to reduce the total number of shares being issued to 2,500,000 shares and the cancellation of the announced net revenue royalty. A finder’s fee of 250,000 shares will be issued to Truck Masters Sarl, an arms length company. The closing of the transaction is subject to final regulatory approvals including the Toronto Stock 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 implementing a carbon credit program complementary to mining operations. The carbon credit program will meet important ESG requirements and present an opportunity for a significant early and long-term revenue stream. 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 the DRC.
For further information, please contact:
Stephen Barley, Executive Chairman
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 considered 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. 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 third parties in respect of the Company its securities, or its financial or operating results.