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New Energy Metals Announces Non-Brokered Private Placement of up to $0.5 Million
Vancouver, British Columbia--(Newsfile Corp. - February 6, 2019) - New Energy Metals Corp. (...
About this update from New Energy Metals Corp.
[{"type":"text","content":"New Energy Metals Announces Non-Brokered Private Placement of up to $0.5 MillionVancouver, British Columbia--(Newsfile Corp. - February 6, 2019) - New Energy Metals Corp. (TSXV: ENRG) (OTC Pink: NEMCF) (\"New Energy Metals\" or the \"Company\") announces a non-brokered private placement (the \"Offering\") of up to 6,666,667 units (the \"Units\") at a price of $0.075 per Unit for gross proceeds of up to $500,000. Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each, a \"Warrant\"). Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.25 per share for a period of two years from the closing of the Offering. In the event that the closing price of the Company's shares on the TSX Venture Exchange is $0.50 or greater per share for a minimum of ten consecutive days commencing four months and one day after the closing of the Offering, the Company may accelerate the expiry date of the Warrants by providing notice to the shareholders thereof and, in such case, the Warrants will expire on the 30th day after the date on which such notice is given by the Company.The Company may pay finder's fees to arm's length parties that have introduced the Company to subscribers participating in the Offering. All securities issued in connection with the Offering will be 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 TSX Venture Exchange and other regulatory approval.The net proceeds from the Offering are intended to be used to fund exploration and development of New Energy Metal's projects as well as for general corporate purposes.None of the foregoing securities have been and will not 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 press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any juris...