New Energy Metals Announces Share Consolidation

About this update from New Energy Metals Corp.

[{"type":"text","content":"New Energy Metals Announces Share ConsolidationVancouver, British Columbia--(Newsfile Corp. - March 7, 2019) - New Energy Metals Corp. (TSXV: ENRG) (OTC Pink: NEMCF) (\"New Energy Metals\" or the \"Company\") announces that, subject to acceptance by the TSX Venture Exchange (the \"TSX-V\"), its board of directors has approved the consolidation of its issued and outstanding common shares on the basis (1) post-consolidation share for every eight (8) pre-consolidation shares (the \"Consolidation\").The Consolidation will result in the number of issued and outstanding common shares without par value of the Company being reduced from 45,016,001 common shares to approximately 5,627,000 common shares on a non-diluted basis, and each shareholder will hold the same percentage of common shares outstanding immediately after the Consolidation as such shareholder held immediately prior to the Consolidation. The exercise price and number of common shares of the Company issuable upon the exercise of outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation in accordance with the terms of such securities.No fractional shares will be issued as a result of the Consolidation. Any fractional shares resulting from the Consolidation will be (i) rounded up to the next whole share if such fractional share is equal to or greater than one-half of a share; and (ii) rounded down to the next whole share if such fractional share is less than one-half of a share, and no cash consideration will be paid in respect of fractional shares. The Company's name and trading symbol will remain unchanged and the Company will issue a further news release confirming the effective date for the Consolidation when such information is available.The Company's board of directors believes that the Consolidation will provide the Company with greater flexibility for the continued development of its business and the growth of the Company, including possible financing arrangements.The Company also announces the previously announced non-brokered private placement (see news release dated February 6, 2019) has been postponed.About the CompanyNew Energy Metals is focused on the exploration and development of energy metals in Chile. The Company's assets include the Cristal copper project located in northern Chile and ...

More updates from New Energy Metals Corp.