Alaska Energy Metals Closes Acquisition of the Angliers-Belleterre Project in Quebec

Highlights:

• Alaska Energy Metals Corporation has closed its previously announced acquisition to acquire 100% of the issued and outstanding securities of 1413336 B.C. Ltd., the owner of the Angliers-Belleterre nickel-copper project in western Quebec.
• The TSX Venture Exchange has granted conditional approval and has granted the Company permission for the completion of this acquisition.
• The target company’s assets include approximately $2.8 million in cash.
• The Angliers-Belleterre property is underlain by komatiitic ultramafic flow rocks and differentiated gabbro rocks in a regional setting thought to be a mantle plume. The setting is similar to that of the Kambalda nickel district in Australia.
• Significant nickel prospects on adjacent claims, for example, the Midrim nickel prospect, appear to trend onto the Angliers-Belleterre project, and there is a six-kilometre-long belt of nickel-enriched rocks documented by the Quebec government on the project.
  

VANCOUVER, British Columbia, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or “the Company”) is pleased to announce it has closed its previously announced acquisition to acquire 100% of the issued and outstanding securities of 1413336 BC Ltd. (“141 BC”). The acquisition of 141 BC was effected through a Share Exchange Agreement between the Company, 141 BC, and the security holders of 141 BC dated November 7, 2023 (the “Agreement”). 141 BC is Arm’s Length to the Company, and its assets are comprised of the Angliers-Belleterre nickel-copper project (the “Angliers project”) in western Quebec and approximately $2.8 million in cash.

In consideration for the acquisition of 100% of the issued and outstanding securities of 141 BC, AEMC has issued a total of 31,827,720 AEMC shares (the “Consideration Shares”) and 4,105,958 AEMC warrants to the security holders of 141 BC on a one to one (1:1) basis for their existing shares and warrants of 141 BC. The deemed price of the Consideration Shares is $0.315 per share.

24,000,001 of the Consideration Shares are subject to a three-year escrow hold period, with 10% of the escrowed securities being releasable at the time of the Final TSX-V Bulletin, and 15% of the escrowed securities being releasable every six months thereafter until released in full.

7,827,719 of the Consideration Shares are subject to a 60-day contractual hold period.

The warrants will be exercisable at $0.80 for a period of two years from the date of issuance.