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African Energy Metals Enters Joint Venture to Acquire Tanzanian Coal Projects and Announces Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2022) - African Energy Metals In...
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[{"type":"text","content":"African Energy Metals Enters Joint Venture to Acquire Tanzanian Coal Projects and Announces Private PlacementVancouver, British Columbia--(Newsfile Corp. - 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 agreement to enter a joint venture with a Tanzanian group to acquire coal assets in Tanzania and announced a private placement.Tanzanian Coal Joint VentureAfrican 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 experienced businessmen having preexisting relationships with multiple coal companies with projects and delineated resources in Tanzania. BHA and the Company are currently 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 neighboring 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 will 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 PlacementAfrican Energy Metals intends to complete a non-brokered private placement (the \"Financing\") of 10,000,000 units (each a \"Unit\") at a price of 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 warrant (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 Company (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 exploration expenses for sampling programs on the two highly prospective Manono, DRC lithium, tin, tantalum, rare earth projects;...