22:29:20 EDT Sun 28 May 2023
Enter Symbol
or Name

New Energy Metals Corp (2)
Symbol ENRG
Shares Issued 31,416,767
Close 2023-03-01 C$ 0.42
Recent Sedar Documents

New Energy closes Roslyn lithium property acquisition

2023-03-01 17:40 ET - News Release

Mr. Rishi Kwatra reports


Further to the Dec. 6, 2022, Feb. 14, 2023, and Feb. 22, 2023, news releases, New Energy Metals Corp. has closed the acquisition of the Roslyn lithium property pursuant to an assignment and assumption agreement with an arm's-length party dated Dec. 6, 2022. The Roslyn property is subject to an option agreement with arm's-length vendors. The Roslyn property is composed of 12 claims (254 cells) totalling approximately 5,100 hectares located 50 kilometres northeast of Nipigon in Northwestern Ontario.

Under the agreement, the assignor assigns and transfers to the company its right to acquire a 100-per-cent interest in the Roslyn property for the following consideration:

  • $2.3-million over a period of three years;
  • 1.43 million common shares of the company within 60 days of signing of the agreement;
  • An additional 800,000 common shares over a period of two years.

The assignor will retain a 3-per-cent net smelter return (NSR) royalty on the Roslyn property, of which 0.5 per cent can be repurchased by the company for $1-million. The assignor remains fully and solely liable for all payment obligations under the underlying agreement.

All shares to be issued under the agreement 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 is a Canadian-based resource company listed on the TSX Venture Exchange under the symbol ENRG. The company has an option to purchase a 100-per-cent 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 Mt (million tonnes) grading 0.88 per cent lithium oxide and an inferred mineral resource of 4.2 Mt grading 1.0 per cent Li2O.

The company also has an option to purchase a 100-per-cent interest in the Troitsa copper property covering approximately 7,000 hectares located in the Omineca mining division of British Columbia.

We seek Safe Harbor.

© 2023 Canjex Publishing Ltd. All rights reserved.