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New Energy Metals Announces Closing of the Roslyn Property Acquisition
Vancouver, British Columbia--(Newsfile Corp. - March 1, 2023) - New Energy Metals Corp. (TSXV: E...
About this update from New Energy Metals Corp.
[{"type":"text","content":"New Energy Metals Announces Closing of the Roslyn Property AcquisitionVancouver, British Columbia--(Newsfile Corp. - March 1, 2023) - New Energy Metals Corp. (TSXV: ENRG) (OTC Pink: NEMCF) (\"New Energy Metals\" or the \"Company\") is pleased to announce that further to its December 6, 2022, February 14, and February 22, 2023 news releases, it has closed the acquisition of the Roslyn Lithium Property (the \"Roslyn Property\") pursuant to an Assignment and Assumption Agreement (the \"Agreement\") with an arm's length party (the \"Assignor\") dated December 6, 2022. The Roslyn Property is subject to an option agreement (the \"Underlying Agreement\") with arms-length vendors. The Roslyn Property is comprised of 12 claims (254 cells) totaling approximately 5,100 hectares located 50 kilometers northeast of Nipigon, Northwestern Ontario. Under the Agreement, the Assignor assigns and transfers to the Company its right to acquire a 100% interest in the Roslyn Property for the following consideration:$2,300,000 over a period of 3 years;1,430,000 common shares of the Company within 60 days of signing of the Agreement; andan additional 800,000 common shares over a period of 2 years. The Assignor will retain a 3% net smelter return (NSR) royalty on the Roslyn Property of which 0.5% 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.ON BEHALF OF THE BOARD OF DIRECTORS,New Energy Metals Corp.Rishi KwatraCEO & Director#2710 - 200 Granville StreetVancouver, BC V6C 1S4, CanadaTel: 778.510.5757www.new-enrg.comAbout New Energy Metals Corp.New Energy Metals Corp. 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% interest in the Roslyn Lithium property, covering 5,100 hectares located 20 km southeast of the Georgia Lake Pegmatite Field and 35 km southeast of where Rock Tech Lithium just published a PEA supporting the indicated mineral resource of 10.6 Mt (million tonnes) grading 0.88% Li2O and an inferred mineral resource of 4.2 Mt grading 1.0% Li2O (https://www.rocktechlithium.com/news/georgia-lake-...