Nevada Energy Metals Agrees to Joint Venture on Clayton Valley Project, Nevada

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[{"type":"text","content":"May 17, 2016 / TheNewswire / Vancouver, British Columbia- Nevada Energy Metals Inc., TSX-V: BFF (OTC: SSMLF) (Frankfurt: A2AFBV) is pleased to announce that it has agreed to grant 1074654 Nevada Ltd an Option to acquire a seventy (70%) percent interest in the BFF-1 Clayton Valley Property by making certain Cash Payments, issuing Shares upon completion of a \"Going Public Transaction\", and completing Exploration Expenditures on its property at Silver Peak, Clayton Valley, Nevada. Cash Payments: US$300,000 to the Optionor as follows: (i) US$100,000 on the Closing Date; (ii) US$100,000 on or before the one (1) year anniversary of the Closing Date; and (iii) US$100,000 on or before the two (2) year anniversary of the Closing Date. Expenditures: US$1,000,000 on the exploration and development of the Property as follows: (i) US$100,000 on or before the one (1) year anniversary of the Closing Date; (ii) US$300,000 on or before the two (2) year anniversary of the Closing Date; and (iii) US$600,000 on or before the three (3) year anniversary of the Closing Date. Share Payments: Following completion of a Going Public Transaction, the issuance of 1,200,000 common shares of the Resulting Issuer to the Optionor (the \"Consideration Shares\") as follows: (i) 400,000 common shares on the Closing Date; (ii) 400,000 common shares on or before the one (1) year anniversary of the Closing Date; and (iii) 400,000 common shares on or before the two (2) year anniversary of the Closing Date. All Consideration Shares will be subject to a four-month statutory hold period. Following exercise of the Option, the Optionee shall have a seventy (70%) interest in and to the Property, with the Optionor retaining the balance. Thereafter, the parties will work diligently and in good faith to negotiate the terms of a joint venture to advance development of the Property. The joint venture will provide that expenditures on the Property will be funded on a pro rata basis, based upon the respective parties proportionate interest in the Property. In the event any one party declines to fund the expenditures in proportion to their interest, their respective interest in the joint venture shall be reduced accordingly, provided that no party shall be diluted below a fifteen (15%) interest in the Property. Closing of the transaction, and the grant of the Option, will occur o...

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