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Alaska Energy Metals Agrees to Acquire Angliers-Belleterre Project in Quebec
Highlights: Alaska Energy Metals Corporation has agreed to purchase 1413336 BC Ltd., the owner of the Angliers-Belleterre nickel-copper project in western Quebe
About this update from Alaska Energy Metals Corporation
[{"type":"text","content":" Highlights: Alaska Energy Metals Corporation has agreed to purchase 1413336 BC Ltd., the owner of the Angliers-Belleterre nickel-copper project in western Quebec. The target company assets include approximately $2.8 million in cash. The Angliers-Belleterre property is underlain by komatiitic ultramafic flow rocks and differentiated gabbro rocks in a regional setting thought to be a mantle plume. The setting is similar to that of the Kambalda nickel district in Australia. Significant nickel prospects on adjacent claims, for example, the Midrim nickel prospect, appear to trend onto the Angliers-Belleterre project, and there is a six-kilometre long belt of nickel-enriched rocks documented by the Quebec government on the project. By virtue of owning a Quebec project, AEMC will have greater access to inexpensive flow-through capital and be eligible for rebates on exploration expenditures. VANCOUVER, British Columbia, Sept. 20, 2023 (GLOBE NEWSWIRE) -- Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or “the Company”) is pleased to announce it has entered a binding Letter of Intent (“LOI”) to purchase an arm’s-length company named 1413336 BC Ltd. (“141 BC”) effective September 20, 2023. The target company assets include the Angliers-Belleterre nickel-copper project (the “Angliers project”) in western Quebec and approximately $2.8 million in cash. AEMC has agreed to acquire 100% of the issued and outstanding securities of 141 BC through the exchange of 31,827,720 AEMC shares (the “Consideration Shares”) and 4,105,958 AEMC warrants with the shareholders of 141 BC on a one-to-one (1:1) basis for their existing shares and warrants of 141 BC. The deemed price of the Consideration Shares is $0.315 per share (representing a 25% discount from the closing market price per share on September 20, 2023). The shares will be subject to an escrow agreement and released from escrow over a three-year period. The warrants will be exercisable at $0.80. The transaction is expected to be affected by way of an amalgamation or share exchange; however, this may be modified for reasons of tax, accounting or, securities regulations. No finder’s fees are payable for this transaction. The parties have agreed to an area of mutual interest covering three kilometres of the outer boundaries of the Angliers project. Alaska Energy Metals President...