- African Energy Metals (CUCO) enters a joint venture to acquire Tanzanian coal projects and announces private placement
- The company is in agreement with a Tanzanian company, Black Hole Aurum
- The plan is to jointly gain control of multiple coal companies in Tanzania
- African Energy Metals (CUCO) 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
- African Energy Metals (CUCO) is up today, trading at C$0.07 as of Sep 13, 3:48 pm ET
African Energy Metals (CUCO) enters a joint venture to acquire Tanzanian coal projects and announce private placement.
African Energy Metals is in agreement with Black Hole Aurum (BHA), a Tanzanian company, to jointly gain management of coal projects in Tanzania. BHA has preexisting relationships with multiple coal companies with projects and resources in the region. Both companies are negotiating agreements on the first two targets and signed an exclusive MOU on one of the projects.
Stephen Barley, Executive Chairman says:
“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.”
African Energy Metals has announced a private placement of 10,000,000 units worth C$0.05 per unit for a total of $500,000. Each unit will consist of one common share of the company and half of a common share purchase warrant. A warrant entitles the holder to an additional common share at $0.10 per warrant share.
The proceeds of the deal will be used for exploration expenses for sampling programs on the two highly prospective Manono, DRC lithium, tin, tantalum, and rare earth projects; for due diligence relating to coal projects in Tanzania, and for general working capital purposes.
African Energy Metals (CUCO) 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.
African Energy Metals (CUCO) is up today, trading at C$0.07 as of Sep 13, 3:48 pm ET.