Alaska Energy Metals to Offer Special Warrants and Unit Shares for Up to $5 Million Page 1

• Alaska Energy Metals announces a new offering of $0.17 special warrants and units with proceeds of up to CAD$5,000,000.
• Proceeds will 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. 9, 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 conducting 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 a price of $0.17 per special warrant or unit, if applicable (the “To offer”). The Company previously intended to make the offering at a price of $0.15 per special warrant or unit, but was unable to obtain a TSX Venture Exchange listing (the “TSXV”) approval to complete an offer at that price.

Each Special Warrant will automatically convert into one Unit of the Company, as described below. Each Unit will consist of one ordinary share of the Company (a “Part”) and one warrant to purchase common shares (a “bail”). Each Warrant entitles the holder thereof to acquire one Share at a price of $0.225 per Share during a period of three years from the date of issuance.

Each Special Warrant will automatically convert into Units, without additional compensation, on the date which is the earlier of (i) the date three business days following the date on which the Company files a prospectus supplement to a short-term base prospectus with the applicable securities regulatory authorities qualifying the distribution of the Units underlying the Special Warrants (the “Prospectus supplement”), and (ii) the date falling four months and one day after the closing of the Offer.

The Company will use commercially reasonable efforts to file the Prospectus Supplement within 60 days after the closing of the Offering (excluding the closing date), provided that there is no assurance that a Prospectus Supplement will be filed with the securities commissions prior to the expiration of the statutory four-month retention period.

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