Working Capital for NRG Metals Increased to CDN$1.8 Million
VANCOUVER, British Columbia, Nov. 06, 2017 (GLOBE NEWSWIRE) -- NRG Metals Inc. (the “Company”) (“NRG” or the “Company”) (TSX-V:NGZ) (OTCQB:NRGMF) (Frankfurt:OGPN), is pleased to announce that during the month of October, the Company had 10,349,250 warrants exercised for proceeds of $1,374,845. In addition, the Company had 875,000 stock options granted to consultants exercised for proceeds of $121,250. These warrants and stock option exercises have increased the Company’s working capital to approximately CDN$1.8 million. Further warrant exercise is expected over the coming weeks.
The Company is now fully funded to complete the current drill program at Salar Escondido. In addition, the Company is preparing a Phase One exploration program for the Salar Hombre Muerto Lithium Project while it awaits the completion of permitting. Negotiations on other acquisitions are ongoing.
About the Company
NRG Metals Inc. is an exploration stage company evaluating two lithium brine projects, located in Argentina. Phase One exploration drilling is currently underway at the 29,000 hectare Salar Escondido lithium project, Catamarca Province, Argentina. Results are expected in November. In addition, the Company is awaiting exploration permits at the Hombre Muerto North Lithium Project, located in Salta Province, Argentina. Additional projects are currently under negotiation.
NRG Metals Inc. currently has 86,005,135 common shares issued and outstanding. NRG Metals Inc. trades on the TSX Venture Exchange under symbol NGZ, on the OTCQB Market under symbol NRGMF, and on the Frankfurt Stock Exchange under symbol OGPN.
On behalf of the board of directors of NRG Metals Inc.
| Adrian F.C. Hobkirk | ||
| President and CEO | ||
| T: | 855-415-8100 | |
| E: | ahobkirk@nrgmetalsinc.com | |
| W: | www.nrgmetalsinc.com | |
The TSX Venture Exchange has not reviewed the content of this news release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this news release.
This news release contains certain “forward- looking statements” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this news release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this news release. We seek safe harbour.