Alaska Energy Metals Announces Closing of $3 Million Non-Brokered Private Placement
August 04 2023 - 5:21PM
Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF)
(“
Alaska Energy Metals” or the
“
Company”) is pleased to announce that it has
closed its previously announced non-brokered private placement of
units (the “
Units”) for aggregate gross proceeds
of $3,055,000 (the “
Offering”).
The Company issued a total of 7,637,500 Units at
a price of $0.40 per Unit. Each Unit consisted of one common share
in the capital of the Company (each, a “Common
Share”) and one-half of one Common Share purchase
warrant (each whole warrant, a “Warrant”). Each
Warrant entitles the holder thereof to purchase an additional
Common Share (each, a “Warrant Share”) at a price
of $0.80 until August 4, 2025.
The Company intends to use the net proceeds from
the Offering towards the drilling program at the Eureka Zone of the
Nikolai project in Alaska and general corporate
purposes.
The Company paid cash finders’ fees totaling
$63,240 and issued 158,100 finder’s warrants (the “Finder’s
Warrants”) to certain qualified arm’s length finders. Each
Finder’s Warrant entitles the holder thereof to acquire one Common
Share (a “Finder’s Share”) at a price of $0.60 per
Finder’s Share until August 4, 2025.
The securities issued pursuant to the Offering
are subject to a four-month hold period from the date of issuance
under applicable Canadian securities laws.
Gregory Beischer, President, Chief Executive
Officer and Director of the Company, and Roland Butler, Director of
the Company, purchased an aggregate of 297,500 Units in the
Offering for gross proceeds of $119,000. The participation by Mr.
Beischer and Mr. Butler in the Offering constitutes a “related
party transaction” within the meaning of Multilateral Instrument
61-101 – Protection of Minority Security Holders in Special
Transactions (“MI 61-101”). The related party
transactions were exempt from minority approval, information
circular and formal valuation requirements pursuant to the
exemptions contained in Sections 5.5(a) and 5.7(1) of MI 61-101, as
neither the fair market value of the gross securities issued under
the Offering nor the consideration paid by the insiders exceeded
25% of the Company’s market capitalization.
About Alaska Energy
MetalsAlaska Energy Metals Corporation is focused on
delineating and developing a large polymetallic exploration target
containing nickel, copper, cobalt, chrome, iron, platinum,
palladium and gold. Located in development-friendly central Alaska
near existing transportation and power infrastructure, the project
is well-situated to become a significant, domestic source of
critical and strategic energy-related metals.
ON BEHALF OF THE BOARD“Gregory Beischer”Gregory
Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:FOR
FURTHER INFORMATION, PLEASE CONTACT:Gregory A. Beischer, President
& CEOToll-Free: 877-217-8978 | Local: 604-638-3164
Sarah Mawji, Public RelationsFinal Edit Media and Public
Relations Email: sarah@finaleditpr.com
Some statements in this news release may contain
forward-looking information (within the meaning of Canadian
securities legislation), including, without limitation, the
intended use of proceeds. These statements address future events
and conditions and, as such, involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance, or achievements to be materially different
from any future results, performance, or achievements expressed or
implied by the statements. Forward-looking statements speak only as
of the date those statements are made. Although the Company
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ
materially from those in the forward-looking statements. Factors
that could cause the actual results to differ materially from those
in forward-looking statements include regulatory actions, market
prices, and continued availability of capital and financing, and
general economic, market or business conditions. Investors are
cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are
made. Except as required by applicable law, the Company assumes no
obligation to update or to publicly announce the results of any
change to any forward-looking statement contained or incorporated
by reference herein to reflect actual results, future events or
developments, changes in assumptions, or changes in other factors
affecting the forward-looking statements. If the Company updates
any forward-looking statement(s), no inference should be drawn that
it will make additional updates with respect to those or other
forward-looking statements.
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 press release.
This news release does not constitute an offer
for sale, or a solicitation of an offer to buy, in the United
States or to any “U.S Person” (as such term is defined in
Regulation S under the U.S. Securities Act of 1933, as amended (the
“1933 Act”)) of any equity or other securities of
the Company. The securities of the Company have not been, and will
not be, registered under the 1933 Act or under any state securities
laws and may not be offered or sold in the United States or to a
U.S. Person absent registration under the 1933 Act and applicable
state securities laws or an applicable exemption therefrom.
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