African Energy Metals Inc. announced that it expects to receive CAD 0.25 million in funding from Cannon Bridge Capital Corp.

African Energy Metals Inc. announced a non-brokered private placement of 5,000,000 units at a price of CAD 0.05 per unit for aggregate proceeds of CAD 250,000 on June 10, 2022. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share in the capital of the company at a price of CAD 0.15 per warrant share at any time prior to 5:00 p.m. on the date that is 24 months following the closing date.

The closing of the transaction is subject to receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange. The securities will be subject to a hold period of four months and one day from the closing date.