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New Energy Metals Closes Over-Subscribed Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 28, 2019) - New Energy Metals Corp. (TSX...
About this update from New Energy Metals Corp.
[{"type":"text","content":"New Energy Metals Closes Over-Subscribed Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 28, 2019) - New Energy Metals Corp. (TSXV: ENRG) (OTC Pink: NEMCF) (\"New Energy Metals\" or the \"Company\") announces that it has closed an over-subscribed non-brokered private placement as previously announced on April 29, 2019 (the \"Offering\"). On May 27, 2019 the Company issued 15,661,266 units (the \"Units\") at a price of $0.12 per Unit for gross proceeds of $1,879,351.92. Each Unit consists 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 entitles 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, expiring on May 27, 2021. Each whole Warrant B entitles 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, expiring on May 27, 2021 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.In connection with the Offering, the Company paid aggregate finder's fees of $71,985.39 cash and 599,653 Finder's Warrants, which were paid to PI Financial Corp. (as to $48,278.40 and 402,320 Finder's Warrants), Haywood Securities Inc. (as to $6,240.00 and 52,000 Finder's Warrants) and to Dynamis Capital Corp (as to $17,439.99 and 145,333 Finder's Warrants), all arm's length parties to the Company. All Finder's Warrants issued have the same terms and conditions as the subscriber warrants issued under the Offering however, they are non-transferable and have an exe...