Alaska Energy Metals Closes Financings

May 30, 2023

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

VANCOUVER, BRITISH COLUMBIA, May 30, 2023 – Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: MLRKF) (“Alaska Energy Metals” or the “Company”) announces that it has closed the non-brokered private placements announced on May 12, 2023, raising total gross proceeds of $2,609,180 by the sale of an increased total of 9,318,500 common shares of the Company (each, a “Share”). Gross proceeds of $2,091,180 were issued under the listed issuer financing exemption by the sale of 7,468,500 Shares, and gross proceeds of $518,000 were issued under other prospectus exemptions (the “Non-LIFE Offering”) by the sale of 1,850,000 Shares.

Commissions totaling $61,404 were paid to finders, together with 407,110 Shares (the “Finder’s Shares”) and 626,410 Share purchase warrants (each, a “Finder’s Warrant”). Each Finder’s Warrant entitles the holder to purchase one Share at a price of $0.28 for a period of 12 months from the date of issue. A due diligence fee of $30,000 was also paid.

The Shares issued under the Non-LIFE Offering, the Finder’s Shares, the Finder’s Warrants, and the Shares issuable upon exercise of the Finder’s Warrants are subject to a hold period expiring October 1, 2023.

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, and palladium. 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.

“Gregory Beischer”
Gregory Beischer, President & CEO

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 completion of the LIFE PP Offering and Standard Equity Offering, the Company’s successful realization of adequate financing to explore and develop the Nikolai project and to achieve milestones successfully. The potential quantity and grade of mineralized rock targeted by Alaska Energy Metals is conceptual in nature. There has been insufficient exploration drilling to estimate a mineral resource, and it is uncertain if further exploration will result in the estimation of a mineral resource. 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. 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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