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New Energy Metals Announces Closing of Fully Subscribed Financing
Vancouver, British Columbia--(Newsfile Corp. - November 10, 2022) - New Energy Metals Corp....
About this update from New Energy Metals Corp.
[{"type":"text","content":"New Energy Metals Announces Closing of Fully Subscribed FinancingVancouver, British Columbia--(Newsfile Corp. - November 10, 2022) - New Energy Metals Corp. (TSXV: ENRG) (OTC Pink: NEMCF) (the \"Company\") announces that the Company has completed a non-brokered private placement financing (the \"Offering\") of 2,000,000 units (the \"Units\") at a price of $0.05 per Unit for gross proceeds of $100,000. Each Unit consists of one common share in the capital of the Company and one common share purchase warrant (a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one common share in the capital of the Company for a period of 24 months at an exercise price of $0.10 per share. The Company did not pay any finder's fees in connection with the Offering. All securities issued in connection with the Offering are subject to a four-month and one day hold period in Canada, during which time the securities may not be traded. The Offering is subject to TSXV and other regulatory approval.Certain insiders of the Company subscribed for $41,000 worth of Units in the Offering, or 820,000 Units. Each of these transactions constitutes a \"related party transaction\" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61-101, and in particular, Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transactions is not more than the 25% of the Company's market capitalization.The Company expects to use the net proceeds from the Offering for general corporate purposes, including the settlement of certain outstanding accounts payable.None of the securities referenced in this news release have been or will be registered under the United States Securities Act of 1933, as amended (the \"1933 Act\") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any s...