Le Lézard
Classified in: Mining industry, Business
Subject: FINANCING AGREEMENTS

Alaska Energy Metals Announces Closing of $6.4 Million Brokered Private Placement


Not for Distribution to United States Newswire Services or for dissemination in the United States

VANCOUVER, British Columbia, July 27, 2023 (GLOBE NEWSWIRE) -- Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) ("Alaska Energy Metals" or the "Company") is pleased to announce that it has closed its previously announced brokered private placement of units (the "Units") for aggregate gross proceeds of $6,445,000 (the "Offering"). The Offering was led by Emerging Equities Inc. as lead agent (the "Lead Agent"), on behalf of a syndicate of agents, including Canaccord Genuity Corp., Echelon Wealth Partners, Red Cloud Securities Inc. and Cormark Securities Inc. (together with the Lead Agent, the "Agents").

The Company issued a total of 16,112,500 Units at a price of $0.40 per Unit. Each Unit consisted of one common share in the capital of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase an additional Common Share (each, a "Warrant Share") at a price of $0.80 until July 27, 2025.

The net proceeds from the Offering will be allocated as follows: drilling at the Eureka Zone of the Nikolai project in Alaska ($3,500,000), metallurgical studies ($500,000), marketing ($1,000,000), property acquisitions ($500,000) and general corporate purposes ($465,339). The Company may allocate the net proceeds of the Offering in such priority and proportions as the board of directors or management of the Company determines is in the best interest of the Company.

The Company paid the Agents a cash commission of $403,100 and issued 1,007,751 compensation options (the "Compensation Options"). Each Compensation Option entitles the holder thereof to acquire one additional Common Shares at a price of $0.60 until July 27, 2025.

The securities issued pursuant to the Offering are subject to a four-month hold period from the date of issuance under applicable Canadian securities laws.

About Alaska Energy Metals
Alaska Energy Metals Corporation is focused on delineating and developing a large polymetallic exploration target containing nickel, copper, cobalt, chrome, iron, platinum, palladium and gold. Located in development-friendly central Alaska near existing transportation and power infrastructure, the project is well-situated to become a significant, domestic source of critical and strategic energy-related metals.

ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gregory A. Beischer, President & CEO
Toll-Free: 877-217-8978 | Local: 604-638-3164

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, the intended use of proceeds. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

This news release does not constitute an offer for sale, or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of the Company. The securities of the Company have not been, and will not be, registered under the 1933 Act or under any state securities laws and may not be offered or sold in the United States or to a U.S. Person absent registration under the 1933 Act and applicable state securities laws or an applicable exemption therefrom.



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