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African Energy Metals (TSXV: CUCO.H) has announced amendments to its previously announced private placement and provided updates regarding the acquisition of the Niñobamba silver gold project in Peru. The company has appointed Michael Townsend, a founding partner of Altus Capital Partners, and Jeffrey J. Reeder, P.Geo., as advisors. The company plans to change its name to Magma Silver Corp. with the trading symbol 'MAGA'.
The amended private placement terms include offering up to 10,000,000 units at CAD $0.10 per unit for aggregate proceeds of CAD $1,000,000. Each unit consists of one common share and one-half warrant, with modified terms allowing warrant holders to acquire additional shares at $0.20 within 24 months of closing. The company has submitted applications to TSXV and NEX Exchange for various approvals including the project acquisition, financing, name change, and reactivation to TSXV Tier 2.
