African Energy Metals Inc. (TSXV:CUCO) (FSE:BC2) (OTCQB:NDENF) has announced a non-brokered private placement and has entered into a joint venture with a Tanzanian group to acquire coal assets in Tanzania. The company is looking to raise gross proceeds of up to $500,000 from the placement of up to 10 million units priced at $0.05 per unit.
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African Energy Metals Inc. (TSXV:CUCO) (FSE:BC2) (OTCQB:NDENF) has announced a non-brokered private placement and has entered into a joint venture with a Tanzanian group to acquire coal assets in Tanzania.
The company is looking to raise gross proceeds of up to $500,000 from the placement of up to 10 million units priced at $0.05 per unit.
The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.10 for 24 months.
Net proceeds will be used for exploration expenses for sampling programs on the two highly prospective Manono, DRC lithium, tin, tantalum, rare earth projects, for due diligence relating to coal projects in Tanzania, and for general working capital purposes.
The shares are currently trading at $0.065.
African Energy Metals is a natural resource company with a focus on the acquisition, exploration, development, and operation of copper, cobalt, and lithium energy metals projects in the DRC.
The company is pursuing near term coal projects with current resources in Tanzania and has the intention of acquiring interests in additional concessions or relinquishing concessions in the normal course of business.
The company has 200 square kilometers pf prime real estate in new Manono lithium, tin, tantalum, and rare earth plays, along with owning 100% of six concessions with more than 176 square kilometers of potential for copper, cobalt, and lithium.
African Energy Metals has entered into an agreement with Black Hole Aurum Limited, a private Tanzanian company, to jointly pursue and acquire controlling interests in coal projects in Tanzania.
Black Hole Aurum is controlled by experienced businessmen with pre-existing relationships with multiple coal companies with projects and delineated resources in Tanzania.
BHA and African Energy Metals are currently negotiating agreements on the first two targets and have signed an exclusive MOU on one of the projects.
Tanzania has total coal reserves of around 1.9 billion tonnes with 0.4 billion tonnes of proven reserves.
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."
For more information, please visit the company’s website at www.AfricanEnergyMetals.com, contact Stephen Barley, Executive Chairman, at 604-834-2968 or by email at info@AfricanEnergyMetals.com.
