Mr. Rishi Kwatra reports
NEW ENERGY METALS ANNOUNCES PRIVATE PLACEMENT
New Energy Metals Corp. has arranged a non-brokered private placement of up to four million units at a price of 25 cents per unit for gross proceeds of up to $1-million. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one share at a price of 50 cents per share for a period of 24 months from the date of closing of the offering.
In the event that the shares trade at a price of $1 for 10 consecutive trading days, the company may, at its option, accelerate the warrant expiry date by providing notice to the warrantholders by way of a news release that the warrants will expire on the 30th day from the date of the acceleration notice.
The company may pay finders' fees on a portion of the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
The net proceeds from the offering will be used to finance exploration, acquisitions, as well as working capital and other general corporate purposes.
The closing of the offering will be subject to certain conditions, including, but not limited to, receipt of all necessary approvals, including the approval of the exchange. All securities to be issued pursuant to the offering will be subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.
About New Energy Metals Corp.
New Energy Metals is listed on the TSX-V under the symbol ENRG and is a Canadian-based resource company. The company has an option to purchase a 100-per-cent title and interest in the Roslyn lithium property, covering 5,100 hectares located 20 kilometres southeast of the Georgia Lake pegmatite field and 35 kilometres southeast of where Rock Tech Lithium just published a preliminary economic assessment supporting the indicated mineral resource of 10.6 million tonnes grading 0.88 per cent lithium oxide and an inferred mineral resource of 4.2 million tonnes grading 1.0 per cent lithium oxide. It also has an option to purchase a 100-per-cent title and interest in the Troitsa property covering approximately 7,000 hectares located in the Omineca mining division of British Columbia.
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