New Energy Metals Announces Closing of the Roslyn Property Acquisition
Vancouver, March 1, 2023 - New Energy Metals Corp. (TSXV: ENRG) (OTC Pink: NEMCF) ("New Energy Metals" or the "Company") is pleased to announce that further to its December 6, 2022, February 14, and February 22, 2023 news releases, it has closed the acquisition of the Roslyn Lithium Property (the "Roslyn Property") pursuant to an Assignment and Assumption Agreement (the "Agreement") with an arm's length party (the "Assignor") dated December 6, 2022. The Roslyn Property is subject to an option agreement (the "Underlying Agreement") with arms-length vendors. The Roslyn Property is comprised of 12 claims (254 cells) totaling approximately 5,100 hectares located 50 kilometers northeast of Nipigon, Northwestern Ontario.
Under the Agreement, the Assignor assigns and transfers to the Company its right to acquire a 100% interest in the Roslyn Property for the following consideration:
- $2,300,000 over a period of 3 years;
- 1,430,000 common shares of the Company within 60 days of signing of the Agreement; and
- an additional 800,000 common shares over a period of 2 years.
The Assignor will retain a 3% net smelter return (NSR) royalty on the Roslyn Property of which 0.5% can be repurchased by the Company for $1 million. The Assignor remains fully and solely liable for all payment obligations under the Underlying Agreement.
All shares to be issued under the Agreement will be subject to a four-month and one-day hold period in accordance with applicable Canadian securities laws.
ON BEHALF OF THE BOARD OF DIRECTORS,
Rishi Kwatra
CEO & Director
#2710 - 200 Granville Street
Vancouver, BC V6C 1S4, Canada
Tel: 778.510.5757
www.new-enrg.com
About New Energy Metals Corp.
New Energy Metals Corp. is a Canadian-based resource company listed on the TSX Venture Exchange under the symbol "ENRG". The Company has an option to purchase a 100% interest in the Roslyn Lithium property, covering 5,100 hectares located 20 km southeast of the Georgia Lake Pegmatite Field and 35 km southeast of where Rock Tech Lithium just published a PEA supporting the indicated mineral resource of 10.6 Mt (million tonnes) grading 0.88% Li2O and an inferred mineral resource of 4.2 Mt grading 1.0% Li2O (https://www.rocktechlithium.com/news/georgia-lake-project:-pre-feasibility-study-published).
The Company also has an option to purchase a 100% interest in the Troitsa Copper property covering approximately 7,000 hectares located in the Omineca Mining Division of British Columbia.
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.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements in this news release relate to, among other things: acquiring an interest in the Roslyn Lithium Property; and all other statements that are not historical facts, particularly statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance of the Company. Often, but not always, forward-looking statements can be identified through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook". Forward-looking statements contained in this news release are made based on reasonable estimates and assumptions made by management of the Company at the relevant time in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate and reasonable in the circumstances. Forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update any such forward-looking statements as a result of new information or if management's beliefs, estimates, assumptions or opinions change, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company's control, which could cause actual results, performance, achievements and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include all factors outlined in the Company's publicly filed documents under the Company's profile on SEDAR at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in its publicly filed documents on SEDAR is not exhaustive and other factors could materially affect its results. New factors emerge from time to time, and it is not possible for the Company to consider all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156844