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New Energy Metals Announces Closing of Oversubscribed Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 17, 2023) - New Energy Metals Corp. (TSX...
About this update from New Energy Metals Corp.
[{"type":"text","content":"New Energy Metals Announces Closing of Oversubscribed Private PlacementVancouver, British Columbia--(Newsfile Corp. - February 17, 2023) - New Energy Metals Corp. (TSXV: ENRG) (OTC Pink: NEMCF) (\"New Energy\" or the \"Company\") is pleased to announce that further to its news releases dated January 5, January 12, and February 14, 2023, it has closed the second and final tranche of its non-brokered private placement (the \"Offering\") of 2,766,000 units (each, a \"Unit\") at a price of $0.25 per Unit for gross proceeds of $691,500. The Company has raised an aggregate of $1,366,500 under the first and second tranches of the Offering through the issuance of 5,466,000 units.Each Unit consists of one common share in the capital of the Company (each, a \"Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder to acquire one Share at a price of $0.50 per Share for a period of twenty-four months from the date of closing of the Offering. In the event that the Shares trade at a price of $1.00 for ten (10) consecutive trading days, the Company may, at its option, accelerate the Warrant expiry date by providing notice (the \"Acceleration Notice\") to the Warrant holders by way of a news release that the Warrants will expire on the 30th day from the date of the Acceleration Notice.Finder's fees under the Offering consisted of $4,900 and 19,600 finder's warrants. The finder's warrants are non-transferable, are exercisable at a price of $0.50 per Share for a period of 2 years, and are subject to the same acceleration terms as the warrants issued in the Offering.The net proceeds from the Offering will be used to fund acquisitions, exploration, working capital and other general corporate purposes. However, none of the proceeds from the Offering will be used towards the acquisition of the Roslyn Property until Exchange approval has been received for this property acquisition.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. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or ...