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New Energy Metals Announces Non-brokered Private Placement of up to $1.8 Million
Vancouver, British Columbia--(Newsfile Corp. - April 29, 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 $1.8 MillionVancouver, British Columbia--(Newsfile Corp. - April 29, 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 15,000,000 units (the \"Units\") at a price of $0.12 per Unit for gross proceeds of up to $1,800,000. Each Unit will consist of one common share in the capital of the Company and two one-half (½) of one common share purchase warrants (each half warrant referred to as ½ Warrant A and ½ Warrant B, respectively; and collectively Warrant A and Warrant B, are referred to as the \"Warrants\").Each whole Warrant A will entitle the holder thereof to purchase one common share in the capital of the Company at an exercise price of $0.20 per share for a period of 24 months from the closing of the Offering. Each whole Warrant B will entitle the holder thereof to purchase one common share in the capital of the Company at an exercise price of $0.30 per share for a period of 24 months from the closing of the Offering. In the event the closing price of the Company's common shares on the TSX Venture Exchange (the \"TSXV\") is equal to or greater than $0.50 (for the Warrant As) or $0.75 (for the Warrant Bs) per common share, respectively, for a minimum of ten consecutive trading 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 holders 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 TSXV and other regulatory approval.The net proceeds from the Offering are intended to be used to fund exploration and development of New Energy Metals' 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,...