Vancouver, British Columbia--(Newsfile Corp. - October 16, 2024) - Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3) ("Aero" or the "Company") announces a non-brokered private placement of (i) non-flow-through units (the "NFT Units") to be sold at a price of $0.07 per NFT Unit; (ii) flow-through units (the "FT Units") to be sold at a price of $0.08 per FT Unit; and (iii) flow-through charity units (the "Charity Units") to be sold at a price of $0.1075 per Charity Unit, for aggregate gross proceeds of $2,500,000 (the "Offering").

Each NFT Unit will be comprised of one non-flow-through common share (a "Share") and one-half of one share purchase warrant (a "Warrant"). Each FT Unit and Charity Unit will be comprised of one flow-through common share and one-half of one Warrant. The Warrants will have the same terms, with each whole Warrant entitling the holder thereof to purchase one Share for a period of two years at a price of $0.11. The exact number of NFT Units, FT Units and Charity Units sold will be determined at closing of the Offering.

The gross proceeds received from the sale of the FT Units and the Charity Units will be used for work programs on the Company's Murmac, Strike and Sun Dog Properties, all located along the northwestern margin of the Athabasca Basin of Saskatchewan. The net proceeds received from the sale of the NFT Units will be used for general working capital.

Eventus Capital Corp. will act as a finder in connection with the Offering. All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the Offering and the payment of finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

About Aero Energy Limited

Aero Energy is a mineral exploration and development company advancing a district-scale 250,000-acre land package in the historic Uranium City district within Saskatchewan's Athabasca Basin. Aero is focused on uncovering high-grade uranium deposits across its flagship Optioned Properties - Sun Dog, Strike, and Murmac - in addition to its fully owned properties. Aero is led by an award winning technical team for the discoveries along the prolific Patterson Corridor that include the Gryphon, Arrow and Triple-R deposits. With significant investment and the application of modern exploration techniques, the Company has identified over 50 shallow drill-ready targets and a 125 kms of target horizon on the frontier north rim of the Athabasca Basin. Aero Energy is tapping into the basin's emerging potential for high-grade, unconformity-style mineralization.