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New Energy Metals Signs Letter of Intent Regarding Sale of Partial Interest in Cristal Copper Project
Vancouver, British Columbia--(Newsfile Corp. - November 16, 2018) - New Energy Metals Corp. ...
About this update from New Energy Metals Corp.
[{"type":"text","content":"New Energy Metals Signs Letter of Intent Regarding Sale of Partial Interest in Cristal Copper ProjectAppoints New Chief Financial OfficerVancouver, British Columbia--(Newsfile Corp. - November 16, 2018) - New Energy Metals Corp. (TSXV: ENRG) (OTC Pink: NEMCF) (\"New Energy Metals\" or the \"Company\") announces that it has signed a letter of intent (the \"Letter of Intent\") with Wealth Minerals Ltd. (\"WML\"), whereby WML or its wholly-owned subsidiary (collectively, \"Wealth\") can acquire a 70% interest in the Company's Cristal copper project (the \"Project\") located in northern Chile.Letter of Intent The Company, through its wholly-owned Chilean subsidiary, has an option to acquire a 100% interest in the Project pursuant to an option agreement entered into with a third-party vendor (see news release dated March 1, 2018). Subject to satisfactory completion of due diligence by Wealth and acceptance by the TSX Venture Exchange of the transaction contemplated by Letter of Intent, the parties expect to enter into a definitive assignment and assumption agreement (the \"Assignment Agreement\") for the assignment of a 70% interest in the Project to Wealth upon terms to be agreed upon by the parties. Appointment of New Chief Financial OfficerThe Company also announces the appointment of David Cross and the resignation of Blaine Bailey as the Company's Chief Financial Officer, effective December 1, 2018.Mr. Cross is a CPA, CGA and is currently a partner at Cross Davis & Company LLP, Chartered Professional Accountants, which provides accounting and consulting services to publicly traded companies. Mr. Cross has over 21 years of accounting experience and has been a partner of Cross Davis for eight years.The Company also announces that it has relinquished its option to acquire its Atacama lithium project, located in the Salar de Atacama district, Chile (see news release dated May 30, 2018). The lithium project will no longer represent a financial obligation for the Company, which will allow New Energy Metals to focus on entering into strategic agreements and acquiring projects that deliver the highest shareholder value.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 several prospective cob...