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African Energy Metals Acquires an Option on 200 km2 in DRC with Polymetallic Prospectivity
Vancouver, British Columbia--(Newsfile Corp. - December 20, 2022) - African Energy Metals Inc. ...
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[{"type":"text","content":"African Energy Metals Acquires an Option on 200 km2 in DRC with Polymetallic ProspectivityVancouver, British Columbia--(Newsfile Corp. - December 20, 2022) - African Energy Metals Inc. (TSXV: CUCO) (FSE: BC2) (OTCQB: NDENF) (WKN: A3DEJG) (\"African Energy Metals\" or the \"Company\") is pleased to announce the Company has acquired an additional 200 kms² of concessions in the South Kivu region of the DRC with high prospectively for cassiterite (tin), tungsten, coltan, lithium, beryllium, gold, and rare earths. 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 a 60/40 joint venture on the project. The project is held 100% 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 arms length to the Company. In consideration of the assignment, African Energy Metals will assume all rights and obligations under the joint venture, and issue 3,000,000 common shares of African Energy Metals as directed by AuClair. The agreement with Amur is structured as an exclusive agreement to be converted into a formal joint venture agreement during the 180-day due diligence period. African Energy Metals will pay US$150,000 to Amur upon successful completion of due diligence and execution of formal agreements. The Company will pay a finder's fee in common shares to arms length parties in accordance with TSXV policies. The closing of the transaction is subject to 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 \"Stock 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 CAD$0.075 per share.About African Energy MetalsAfrican Energy Metals is a natural resource company wi...