Alaska Energy Metals Corporation (TSX-V: AEMC) (OTCQB: AKEMF) is pleased to announce the closing of a non-brokered offering of 2,500,000 special warrants issued at the price of $0.40 per Special Warrant for gross proceeds of $1,000,000.

Each Special Warrant will automatically convert into one unit of the Company, as described below. Each Unit shall consist of one common share of the Company and one-half of one common share purchase warrant. Each Warrant shall entitle the holder thereof to acquire one Share at a price of $0.80 per Share for a period of 24 months following the date of issue.

Each Special Warrant will automatically convert, for no additional consideration, into Units on the date that is the earlier of: (i) the date that is three business days following the date on which the Company (a) obtains a receipt from the applicable securities regulatory authorities for a (final) short form prospectus qualifying distribution of the Units underlying the Special Warrants or (b) files a prospectus supplement to a short form base shelf prospectus with the Securities Commissions qualifying distribution of the Units underlying the Special Warrants (the “Prospectus Supplement”), and (ii) the date that is four months and one day after the closing of the Offering.

The Company will use its commercially reasonable efforts to obtain a receipt from the Securities Commissions for the Qualifying Prospectus or file the Prospectus Supplement within 60 days of the closing of the Offering (not including the date of closing), provided, however, that there is no assurance that a Qualifying Prospectus or a receipt therefor will be issued by the Securities Commissions, or a Prospectus Supplement will be filed with the Securities Commissions, prior to the expiry of the statutory four month hold period.

The Company paid finder’s fee of $4,000 to Research Capital Corporation and $8,000 to Canaccord Genuity Corp., being 8% of the gross proceeds raised by each such finder. As settlement for the finder’s fees, the Company issued to Research Capital Corporation 10,000 broker special warrants and to Canaccord Genuity Corp. 20,000 Broker Special Warrants at the deemed issue price of $0.40. Each Broker Special Warrant will automatically convert, for no additional consideration, into one Share on the Qualification Date.

The net proceeds from the Offering will be used for working capital and marketing purposes.

Prior to the filing of the Qualifying Prospectus or Prospectus Supplement and the automatic conversion of the Special Warrants and the Broker Special Warrants, the securities issued under the Offering will be subject to a four month hold period from the date of closing of the Offering in addition to any other restrictions under applicable law.

In its news release of December 28, 2023, the Company reported that 140,000 finder’s warrants were issued in connection with the closing of its flow-through private placement. Each finder’s warrant is exercisable for one common share of the Company at a price of $0.39 per share for a term of two years.

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 central Alaska, the Nikolai Nickel project is located near existing transportation and power infrastructure, the project is well-situated to become a significant, domestic source of critical and strategic energy-related metals for the American market. The Company is also exploring the Belleterre Nickel project in Quebec.