Africa Energy Announces Annual Meeting Voting Results and Corporate Update

VANCOUVER, BC, June 22, 2023 /CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company") held its annual general and special meeting of shareholders in Vancouver, British Columbia today, and all resolutions were passed. View PDF Version.

The Board of Directors would like to thank Mr. William Lundin upon his resignation for his invaluable contribution and support since joining the Board in 2021.

A total of 937,267,913 common shares were voted at the meeting, representing 66.58% of the votes attached to all the outstanding common shares of the Company. Shareholders voted as follows on the matters before the meeting:

Election of Directors
Shareholders elected the following five (5) board members to serve on the Company's board of directors until the next annual meeting of shareholders or until their successors are elected or appointed:

Appointment of Auditors
Shareholders reappointed KPMG LLP as auditor of the Company for the upcoming year and authorized the directors of the Company to fix the remuneration of the auditor with 99.97% of shares represented at the meeting voting in favour.

Approval of Stock Option Plan
The Company's incentive stock option plan was approved by shareholders with 99.93% of shares represented at the meeting voting in favour.

Corporate Update
The Company has granted incentive stock options to certain directors, officers, employees and other eligible persons of the Company to acquire 2,600,000 shares of the Company at an exercise price of CAD$0.115 per share. The options are exercisable, subject to vesting provisions, over a period of five years.

About Africa Energy Corp.

Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC").

Important information

This information is information that Africa Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above on June 22, 2023, at 5:00 p.m. ET.

The Company's certified advisor on Nasdaq First North Growth Market is Aktieinvest FK AB, +46 739 49 62 50, [email protected].

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.

SOURCE Africa Energy Corp.