Alaska Energy Metals to Undertake Special Warrant and Unit Offering for up to $5 Million

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Highlights:

• Alaska Energy Metals announces a new offering of $0.17 Special Warrants and Units for up to CAD$5,000,000 in proceeds.
• Proceeds to be used primarily for continued drilling at the Canwell prospects and for step-out drilling at the Eureka nickel deposit at the Nikolai project in Alaska.

VANCOUVER, British Columbia, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or “Alaska Energy Metals” or the “Company”) is pleased to announce that it is undertaking a non-brokered offering of up to $5 million in a combination of special warrants (the “Special Warrants”) and/or units (the “Units”), to be issued at the price of $0.17 per Special Warrant or Unit, as applicable, (the “Offering”). The Company had previously intended to undertake the Offering at the price of $0.15 per Special Warrant or Unit but was unable to obtain TSX Venture Exchange (the “TSXV”) approval to complete an offering at that price.

Each Special Warrant will automatically convert into one Unit of the Company, as described below. Each Unit shall consist of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one Share at a price of $0.225 per Share for a period of three years following the date of issue.

Each Special Warrant will automatically convert, for no additional consideration, into Units on the date that is the earlier of (i) the date that is three business days following the date on which the Company files a prospectus supplement to a short form base shelf prospectus with the applicable securities regulatory authorities qualifying distribution of the Units underlying the Special Warrants (the “Prospectus Supplement”), and (ii) the date that is four months and one day after the closing of the Offering.

The Company will use its commercially reasonable efforts to file the Prospectus Supplement within 60 days of the closing of the Offering (not including the date of closing), provided, however, that there is no assurance that a Prospectus Supplement will be filed with the securities commissions, prior to the expiry of the statutory four-month hold period.