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New Energy Metals Announces Approval of Troitsa Copper Option Agreement and Provides an Update on Roslyn Lithium Option
Vancouver, British Columbia--(Newsfile Corp. - February 14, 2023) - New Energy Metals Corp. (TSX...
About this update from New Energy Metals Corp.
[{"type":"text","content":"New Energy Metals Announces Approval of Troitsa Copper Option Agreement and Provides an Update on Roslyn Lithium OptionVancouver, British Columbia--(Newsfile Corp. - February 14, 2023) - New Energy Metals Corp. (TSXV: ENRG) (OTC Pink: NEMCF) (\"New Energy Metals\" or the \"Company\") is pleased to announce that further to its news release dated September 7, 2022, it has received approval from the TSX Venture Exchange (the \"Exchange\") with respect to the Troitsa Copper Property option agreement (the \"Agreement\"). Pursuant to the Agreement, the Company may acquire a 100% interest in the Troitsa Copper Property by making aggregate cash payments of $220,000 and issuing an aggregate of 1,200,000 common shares over a period of 3 years, and completing not less than $5,000 worth of staking or similar acquisition within the Area of Interest, as defined in the Agreement, within 12 months of the execution date of the Agreement. In addition, subject to the exercise of the option, the Company shall issue an aggregate of 600,000 common shares on the achievement of certain milestones. The Agreement also includes certain advance royalty payments obligations following the 7th anniversary of the execution date.Further to the Company's news release dated December 6, 2022, the Company entered into an option agreement with Altari Capital Corp. to acquire a 100% interest in the Roslyn Lithium Property (the \"Property\") located in Ontario (the \"Roslyn Agreement\"). The Company, its Insiders, and all parties to the Agreement are at arm's length. In consideration for the Property, subject to the approval of the TSX Venture Exchange (the \"Exchange\"), the Company will make aggregate cash payments of $2,300,000 over a period of 3 years, issue 1,430,000 common shares within 60 days of signing of the Roslyn Agreement and issue additional 800,000 common shares over a period of 2 years. The Roslyn Agreement remains subject to the review and approval of the Exchange and the proceeds from the current proposed private placement will not be used towards the acquisition of the Roslyn Property until Exchange approval has been received. Additionally, the Company wishes to clarify that the units issuable in the private placement referenced in the news release dated November 10, 2022, were formally issued on January 27, 2023, and that the securities underlying ...