(TheNewswire)
NOT FORDISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION INTHE U.S .
TORONTO, ONTARIO – TheNewswire - (April 29, 2024) – Enerev5 Metals Inc. (“Enerev5” or the "Company")(TSXV:ENEV / OTCPinks:ENEVF) announces that a director of theCompany was served with a statement of claim on behalf of the Company.TIAfrica Ltd. (“TIAfrica”), a company based in the DemocraticRepublic of Congo, claims that on or aboutthe 16 th of January,2019, it signed a Letter of Intent (“LOI”) with the Company, enforceable and binding under which: (a) In exchangefor the purchase of 4,333,333 shares of the Company by TIAfrica, theCompany would build a hydroxide plant and would hire TIAfrica to hirestaff and to take care of everything related to human andadministrative resources; and (b) the Company would hire the plaintifffor all its needs in human resources and administrative services onany other mining site where it would be involved on the Africancontinent. It claims a sum in Canadian dollars equal toUS$500,000 in compensatory damages, under contract or tort, a nadditional sum of CAD$300,000 for loss of business opportunities,interest, and costs. TIAfrica alleges that the Company breached its contractual obligations by not building theplant and not hiring it for this project. TIAfrica further allegesthat the Company also failed in its duty to perform in good faith incontractual relations and did not use its discretion, whereapplicable, in a manner consistent with good faith, and further thatthe representatives of the Company made negligent, false or misleadingrepresentations by explaining to the plaintiff that the establishmentof a factory was imminent when it was not, and that this inducedTIAfrica to enter into the LOI and incur expenses by relying on theserepresentations, to its detriment. The Companyconsiders the claims to be without merit and intends to defend theaction and counterclaim for any damages which the Company may sustainas a result of this baseless claim.
About Enerev5Metals Inc.
Enerev5 Metals Inc. (TSXV: ENEV/OTCPinks:ENEVF) is a Canadianresource company which has been focusing on exploration anddevelopment potential, related to energy metals such as nickel,copper, cobalt and other strategic battery minerals, as well as othernet zero carbon related assets.
For additional information, pleasecontact:
John F. O’Donnell
Interim CEO and Chairman of the Board
Enerev5 Metals Inc.
Telephone: +1-647-966-3100
Website: www.enerev5.com
Forward-Looking Statements
This release includes certainstatements that may be deemed "forward-looking statements".All statements in this release, other than statements of historicalfacts, that address future activities and events or developments thatthe Company expects are forward-looking statements. .Such statementsinclude those regarding the intention to defend and commence acounterclaim with respect to the baseless claim made against theCompany. Although the Company believes the expectations expressed insuch statements are based on reasonable assumptions, such statementsare not guarantees of future performance and actual results ordevelopments may differ materially from those in the statements. Thereare certain factors that could cause actual results to differmaterially from those in forward-looking statements. These includemarket prices, exploitation, and exploration successes, continuedavailability of capital and financing, and general economic, market orbusiness conditions, including the continuing effects of the COVIDpandemic and the situations in Ukraine and the Middle East. Investorsare cautioned that any such statements are not guarantees of futureperformance and actual results or developments may differ materiallyfrom those projected in the forward-looking statements.
For more information on the Company,investors should review registered filings at www.sedarplus.ca or on its website at www.enerev5.com .
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Copyright (c) 2024 TheNewswire - All rights reserved.