Feb 28, 2024
Dive into the heart of what makes Newsfile the go-to for press release distribution and regulatory filings. Our clients’ experiences...
New Energy Metals Receives Approval for Cobalt Acquisitions
June 04, 2018 8:00 AM EDT | Source: New Energy Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2018) - New Energy Metals Corp. (TSXV: ENRG) ("New Energy Metals" or the "Company") announces that it has received TSX Venture Exchange approval of the acquisition of the Onix, Codiciada and Consuelo and Amelia cobalt projects (the "Projects").
Under the terms of the option agreements (the "Agreements"), the Company can earn a 100% interest in the Projects by fulfilling all cash and share payments. The first cash payments due under the Agreements have been completed, and a total of 600,000 shares of the Company will be issued to satisfy the initial share payments. The shares are subject to a four-month restricted resale period expiring on October 2, 2018.
Summary of Projects:
Onix Cobalt Project:
| US$300,000 cash paid | 250,000 shares approved for issuance |
Codiciada Cobalt Project:
| US$100,000 cash paid | 150,000 shares approved for issuance |
Consuelo and Amelia Cobalt Projects:
| US$200,000 cash paid | 200,000 shares approved for issuance |
The Projects are all located within the past producing San Juan cobalt district in Chile. The Company has been aggressive with its acquisition strategy to obtain a strategic property position in the district. The Projects were acquired based on geological characteristics, abundance of historic workings, and evidence of mineralization, and they all occur on the same regional trend near the past producing Cobaltera mine.
The Company has commenced an exploration field program comprised of compilation of historical data, regional mapping and prospecting, and sampling to identify priority areas for detailed follow up work.
Qualified Person
Mr. Grant Ewing, P.Geo., is a qualified person as defined by National Instrument 43-101. Mr. Ewing and has reviewed the scientific and technical information that forms the basis of this news release and has approved the disclosure herein. Mr. Ewing is not independent of the Company.
On behalf of New Energy Metals Corp.
Grant Ewing, President & CEO
T: 604.484.1232
E: info@newenergymetals.ca
W: www.newenergymetals.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". Other than statements of historical fact, all statements included in this release, including, without limitation, statements regarding future plans and objectives of New Energy Metals Corp., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from New Energy Metal's expectations are the risks detailed herein and from time to time in the filings made by New Energy Metals Corp. with securities regulators. Those filings can be found on the Internet at http://www.sedar.com.