African Energy Metals Amends Private Placement and Provides an Update
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.
African Energy Metals (TSXV: CUCO.H) ha annunciato modifiche alla sua precedente offerta di collocamento privato e fornito aggiornamenti riguardo all'acquisizione del progetto argento-oro Niñobamba in Perù. L'azienda ha nominato Michael Townsend, un partner fondatore di Altus Capital Partners, e Jeffrey J. Reeder, P.Geo., come consulenti. L'azienda prevede di cambiare il suo nome in Magma Silver Corp. con il simbolo di trading 'MAGA'.
Le condizioni modificate del collocamento privato includono l'offerta di fino a 10.000.000 di unità a CAD $0,10 per unità per un ricavato totale di CAD $1.000.000. Ogni unità consiste in un'azione comune e un mezzo warrant, con termini modificati che consentono ai detentori di warrant di acquisire azioni aggiuntive a $0,20 entro 24 mesi dalla chiusura. L'azienda ha presentato domande alla TSXV e alla NEX Exchange per vari approvazioni, inclusi l'acquisizione del progetto, il finanziamento, il cambio di nome e la riattivazione al Tier 2 della TSXV.
African Energy Metals (TSXV: CUCO.H) ha anunciado enmiendas a su colocación privada previamente anunciada y ha proporcionado actualizaciones sobre la adquisición del proyecto de plata y oro Niñobamba en Perú. La compañía ha nombrado a Michael Townsend, socio fundador de Altus Capital Partners, y a Jeffrey J. Reeder, P.Geo., como asesores. La compañía planea cambiar su nombre a Magma Silver Corp. con el símbolo de negociación 'MAGA'.
Los términos enmendados de la colocación privada incluyen la oferta de hasta 10,000,000 de unidades a CAD $0.10 por unidad para un total de CAD $1,000,000. Cada unidad consiste en una acción común y un medio warrant, con términos modificados que permiten a los tenedores de warrants adquirir acciones adicionales a $0.20 dentro de los 24 meses posteriores al cierre. La compañía ha presentado solicitudes a la TSXV y a la NEX Exchange para varias aprobaciones, incluyendo la adquisición del proyecto, financiamiento, cambio de nombre y reactivación al nivel 2 de la TSXV.
아프리칸 에너지 메탈스 (TSXV: CUCO.H)는 이전에 발표된 사모 배정의 수정 사항을 발표하고 페루의 니뇨밤바 은 금 프로젝트 인수에 대한 업데이트를 제공했습니다. 이 회사는 알투스 캐피탈 파트너스의 창립 파트너인 마이클 타운센드와 P.Geo.인 제프리 J. 리더를 고문으로 임명했습니다. 이 회사는 거래 기호 'MAGA'로 마그마 실버 주식회사로 이름을 변경할 계획입니다.
수정된 사모 배정 조건에는 CAD $0.10의 가격으로 최대 10,000,000개의 유닛을 제공하여 총 CAD $1,000,000의 수익을 올리는 것이 포함됩니다. 각 유닛은 하나의 보통주와 반 개의 워런트로 구성되며, 수정된 조건을 통해 워런트 소지자는 마감 후 24개월 이내에 $0.20에 추가 주식을 취득할 수 있습니다. 이 회사는 프로젝트 인수, 자금 조달, 이름 변경 및 TSXV Tier 2로의 재활성화를 포함한 다양한 승인을 위해 TSXV 및 NEX Exchange에 신청서를 제출했습니다.
African Energy Metals (TSXV: CUCO.H) a annoncé des modifications à son placement privé précédemment annoncé et a fourni des mises à jour concernant l'acquisition du projet d'argent et d'or Niñobamba au Pérou. L'entreprise a nommé Michael Townsend, un partenaire fondateur d'Altus Capital Partners, et Jeffrey J. Reeder, P.Geo., comme conseillers. L'entreprise prévoit de changer son nom en Magma Silver Corp. avec le symbole de négociation 'MAGA'.
Les conditions modifiées du placement privé comprennent l'offre de jusqu'à 10.000.000 d'unités à 0,10 CAD par unité pour un produit total de 1.000.000 CAD. Chaque unité se compose d'une action ordinaire et d'un demi-warrant, avec des conditions modifiées permettant aux détenteurs de warrants d'acquérir des actions supplémentaires à 0,20 $ dans les 24 mois suivant la clôture. L'entreprise a soumis des demandes à la TSXV et à la Bourse NEX pour diverses approbations, y compris l'acquisition du projet, le financement, le changement de nom et la réactivation au niveau 2 de la TSXV.
African Energy Metals (TSXV: CUCO.H) hat Änderungen zu seiner zuvor angekündigten Privatplatzierung bekannt gegeben und Updates bezüglich der Übernahme des Niñobamba Silbergoldprojekts in Peru bereitgestellt. Das Unternehmen hat Michael Townsend, einen Gründungspartner von Altus Capital Partners, und Jeffrey J. Reeder, P.Geo., als Berater ernannt. Das Unternehmen plant, seinen Namen in Magma Silver Corp. mit dem Handelssymbol 'MAGA' zu ändern.
Die geänderten Bedingungen der Privatplatzierung umfassen das Angebot von bis zu 10.000.000 Einheiten zu CAD $0,10 pro Einheit für Gesamterlöse von CAD $1.000.000. Jede Einheit besteht aus einer Stammaktie und einem halben Warrant, mit geänderten Bedingungen, die es Warrantinhabern ermöglichen, innerhalb von 24 Monaten nach Abschluss zusätzliche Aktien zu einem Preis von $0,20 zu erwerben. Das Unternehmen hat Anträge bei der TSXV und der NEX Exchange auf verschiedene Genehmigungen eingereicht, einschließlich der Projektübernahme, Finanzierung, Namensänderung und Reaktivierung auf Tier 2 der TSXV.
- Secured two experienced advisors with relevant expertise in capital markets and Peru operations
- Planned acquisition of advanced-stage Niñobamba silver gold project in Peru
- Private placement to raise CAD $1,000,000 in progress
- All corporate actions subject to regulatory approvals, creating execution uncertainty
- Extended warrant exercise period from 12 to 24 months indicates possible challenges in initial offering terms
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2025) - African Energy Metals Inc. (TSXV: CUCO.H) (FSE: BC2) (WKN: A3DEJG) ("African Energy Metals" or the "Company") announces it has amended the terms of its previously announced private placement and provides an update on various matters announced in the Company's news release dated January 21, 2025 relating to the acquisition of a
Stephen Barley, Executive Chairman of African Energy Metals states: "We are pleased to advise of our progress on the acquisition of the Niñobamba Project and the appointment of Michael Townsend and Jeffrey J. Reeder, P.Geo. as advisors to the Company. Michael's 30 years of capital markets experience and Jeffrey's 25 years of operating experience in Peru will be invaluable to our success on the Niñobamba Project."
Michael Townsend
Michael Townsend has extensive experience in corporate finance spanning over 30 years. Mr. Townsend is one of the founding partners of Altus Capital Partners, a boutique investment bank based in Vancouver, British Columbia, Canada. Altus has been involved in raising over
Jeffrey J. Reeder, P. Geo.
Jeffrey J. Reeder, P. Geo., has a B.Sc. (Hon.) in geology from the University of Alberta and since 1992 has been registered as a professional geologist with the Association of Professional Engineers and Geoscientists of British Columbia. With over 25 years of experience in Peru and fluent in Spanish, Mr. Reeder is responsible for identifying and acquiring both the Aguila Copper-Moly project being developed by Mexican mining company Industrias Peñoles and the Pinaya Copper-Gold project currently being explored by Kaizen Discovery. He is currently the President / CEO for Peruvian Metals who operates a successful and expanding toll milling plant in northern Peru while developing mines in proximity capable of increasing supply to this mineral processing facility. Jeffrey was an advisor on the Niñobamba Project for Rio Silver and has an in-depth knowledge of the Project and successful operations in Peru.
Name Change
Concurrent with the closing of the acquisition of the Project, African Energy Metals intends to change its name to "Magma Silver Corp." and trading symbol to "MAGA" to better reflect the new focus of the Company. A further announcement will be made regarding the name change. There will be no share consolidation with the name change.
NI 43-101 Technical Report
African Energy Metals has commissioned an independent technical report on the Niñobamba Project prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101). A copy of the final report will be filed on SEDAR+ after a review has been completed by the TSXV and NEX Exchange.
Amended Concurrent Part and Parcel Private Placement Terms
The Company previously announced its intention to complete a non-brokered concurrent part and parcel private placement (the "Financing") of up to 10,000,000 units of its securities (each a "Unit") at a price of CAD
Regulatory Approvals
The Company has made applications to the TSXV and NEX Exchange to approve the acquisition of the Niñobamba Project; Financing; the name change; the draft NI 43-101 technical report; and the concurrent reactivation of the Company to the TSXV Tier 2. Closing of all these matters is subject to receipt of all necessary corporate and regulatory approvals, including approvals of the TSXV and NEX Exchange.
The securities being offered under the Financing have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation, or sale would be unlawful.
About African Energy Metals
African Energy Metals is a natural resource company with a focus on the acquisition, exploration, development, and operation of precious metal mining exploration projects. The Company's primary focus will be on exploring and developing the advanced Niñobamba silver gold project in the mining supportive country of Peru.
For further information, please contact African Energy Metals:
Stephen Barley, Executive Chairman
Jason Baker, Chief Financial Officer
Phone: +1-604-252-2672
Email: info@africanenergymetals.com
Website: www.africanenergymetals.com
Reader Advisory
Neither 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 release.
This news release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information.
Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in African Energy Metals' periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward- looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.
Forward-looking statements include those in relation to African Energy Metals' ability to close on the acquisition of the Niñobamba Project; in relation to satisfying TSX Venture Exchange and NEX Exchange requirements in connection with the acquisition and reactivation; the acceptance of the draft NI 43-101 technical report, completion of the Financing and African Energy Metals' expectations regarding the potential for economic mineralization on the Niñobamba Project. Although African Energy Metals believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can't make any assurances that its expectations will be achieved. Such assumptions may prove incorrect.
Although African Energy Metals has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward- looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, what benefits that African Energy Metals will derive therefrom. Accordingly, readers should not place undue reliance on forward-looking statements.
The forward-looking statements in this news release are made as of the date of this news release, and African Energy Metals disclaims any intention or obligation to update or revise such information, except as required by applicable law.
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FAQ
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