Enerev5 Metals Announces New Brokered Private Placement and Completion of First Tranche/ Termination of Prior Placement

September 23, 2022 7:14 PM EDT | Source: Enerev5 Metals Inc.

Toronto, Ontario--(Newsfile Corp. - September 23, 2022) - Enerev5 Metals Inc. (TSXV:ENEV) (OTCQB:ENEVF) (the "Company") announces that it intends to complete a brokered private placement of up to $500,000 of units ("Units"), with each Unit consisting of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.05 for a period of five years from the date of issue. The Units are being offered on a brokered basis through IBK Capital Corp.(the "Agent").

The Company has completed a first tranche of the placement with the issue and sale of 2,100,000 Units at a price of $0.05 per Unit for gross proceeds of $105,000 (the "First Tranche"). The Company paid the Agent a cash fee of $9,450, and issued to the Agent 210,000 non-transferable broker warrants (the "Broker Warrants") in connection with the completion of the First Tranche. Each Broker Warrant entitles the holder to acquire one Unit of the Company (having the same terms as those issued in the First Tranche) at a price of $0.05 until September 23, 2027. IBK Capital Corp. acquired all Units sold in the First Tranche and is a "connected issuer" and "related issuer" of the Company, as defined in Canadian securities legislation, by virtue of the ownership of securities of the Company by its directors and officers.

Net proceeds from the First Tranche will be used for working capital and other general corporate purposes. All securities issued in the First Tranche are subject to a 4-month hold period to January 24, 2023.

The Company is continuing to pursue the completion of the balance of the private placement.

The Company also announces that its prior private placement of units announced on August 4, 2022 to raise gross proceeds of up to $250,000 has been terminated. As previously announced, the Company completed one tranche of that placement for gross proceeds of $80,000.

About Enerev5 Metals Inc.

Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB:ENEVF) is a Canadian resource company which has been focusing on exploration and development potential, related to energy metals such as cobalt, copper and other strategic battery minerals, as well as other net zero related assets.

For more information on the Company, investors should review the Company's filings at www.sedar.com.

For additional information, please contact:

John F. O'Donnell
CEO and Chairman of the Board
Enerev5 Metals Inc.
Telephone: +1-647-966-3100
Website: www.enerev5.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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