25 Nov

$2M Share Placement

ASX RELEASE | PAGE 1 To be renamed Alma Metals Limited 25 November 2021 $2M SHARE PLACEMENT Highlights • Placement of 46.5 million shares at a price of 4.3c to raise $2.0M before costs. • Proceeds of Placement to fund additional exploration at the Briggs, Mannersley and Fig Tree Hill Porphyry Copper Project in SE Queensland. African Energy Resources Limited (ASX: AFR) advises that it has received firm commitments to raise A$2,000,000 (before costs) via a share placement to institutional and professional investors at A$0.043 per share, with 46,511,627 new fully paid ordinary shares to be issued (“Placement”). Proceeds of the Placement will be used to fund the following: • Additional exploration drilling at the Briggs, Mannersley and Fig Tree Hill Porphyry Copper Project in south-east Queensland, where AFR has an exclusive option to enter an earn-in joint venture. • Ongoing first pass exploration programs on Western Australia copper and copper-gold projects. • General working capital. On completion of the Placement, AFR will have approximately $3.1M cash and $6.1M in liquid investments held in ASX-listed shares. For and on behalf of the board. Authorised for release by Frazer Tabeart, CEO For further information, please contact Daniel Davis, Company secretary, on +61 8 6465 5500
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