New Energy Metals Announces Property Option Agreement

About this update from New Energy Metals Corp.

[{"type":"text","content":"New Energy Metals Announces Property Option AgreementVancouver, British Columbia--(Newsfile Corp. - September 7, 2022) - New Energy Metals Corp. (TSXV: ENRG) (OTC Pink: NEMCF) (the \"Company\") announces that it has entered into a mineral property option agreement (the \"Option Agreement\") whereby the Company has acquired the exclusive right and option to purchase, subject to the reservation of a 2% net smelter returns royalty, a 100% title and interest in and to 26 mineral claims covering approximately 7,000 hectares located in the Omineca Mining Division of British Columbia (the \"Property\").Pursuant to the terms of the Option Agreement, the Company is required to issue the following common shares and complete the following cash payments to the optionor of the Property (the \"Optionor\"), and completing the following staking obligations:(a) pay an aggregate of $220,000 in cash to the Optionor as follows:(i) $25,000 on the execution date of the Option Agreement (the \"Execution Date\");(ii) $45,000 on or before the 12 month anniversary of the Execution Date;(iii) $60,000 on or before the 24 month anniversary of the Execution Date; and (iv) $90,000 on or before the 36 month anniversary of the Execution Date;(b) issue an aggregate of 1,200,000 common shares to the Optionor as follows:(i) 300,000 on the closing date, which is anticipated to be 10 days following the date on which the TSX Venture Exchange accepts the Option Agreement pursuant to the policies of the exchange; (ii) 300,000 on or before the 12 month anniversary of the Execution Date;(iii) 300,000 on or before the 24 month anniversary of the Execution Date; and(iv) 300,000 on or before the 36 month anniversary of the Execution Date; and(c) complete not less than $5,000 worth of staking or other similar acquisition of mineral claims within the Area of Interest (as defined in the Option Agreement) within 12 months of the Execution Date. In addition, and subject to the exercise of the option by the Company, the Company shall be obligated to complete the following share issuances upon the occurrence of certain milestones: (a) issue 200,000 common shares to the Optionor upon the publication of a positive preliminary feasibility study or pre-feasibility study on the Property;(b) issue 200,000 common shares to the Optionor upon the Commencement of Commercial Production (as d...

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