Market Herald logo

Find out more about this capital raise

Be the first with the news that moves the market
  • New Energy Metals Corp. (ENRG) has closed the first tranche of a non-brokered private placement for gross proceeds of $675,000
  • Under the first tranche, the company issued 2,700,000 units at $0.25 per unit
  • The net proceeds will be used to fund exploration expenses and potential acquisitions, as well as for working capital and corporate purposes
  • New Energy Metals is a Canadian-based resource company
  • New Energy Metals Corp. opened trading at $0.31

New Energy Metals Corp. (ENRG) has closed the first tranche of a previously announced non-brokered private placement of units for gross proceeds of $675,000.

Under the first tranche, the company issued 2,700,000 units at $0.25 per unit.

Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant.

Each warrant entitles the holder to acquire one share at a price of $0.50 per share for a period of twenty-four months.

If the shares trade at a price of $1.00 or more for ten consecutive trading days, the company may, at its option, accelerate the expiry date of the warrants by providing notice to the warrant holders by way of a news release that the warrants will expire on the 30th day from the date of the acceleration notice.

The company intends to use the net proceeds from the offering to fund exploration expenses and potential acquisitions, as well as for working capital and other general corporate purposes.

The closing of the first tranche is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange.

All securities to be issued in the first tranche will be subject to a statutory four-month hold period.

New Energy Metals is a Canadian-based resource company engaged in acquiring, exploring and developing mineral resource properties.

New Energy Metals Corp. opened trading at $0.31.


More From The Market Herald

" Osisko Metals (TSXV:OM) invites investors to join them at the Vancouver Resource Investment Conference

Osisko Metals (OM) invites investors to attend the Vancouver Resource Investment Conference (VRIC).

" St Charles Resources (TSXV:SCRS.P) signs new agreement for qualifying transaction with Eastern Resources OOD

St Charles Resources (SCRS.P) has signed a business combination agreement with Eastern Resources OOD Eastern Resources.

" DLP Resources (TSXV:DLP) upsizes private placement

DLP Resources (DLP) is upsizing its previously announced non-brokered private placement for gross proceeds of up to $1,405,030.
Fortuna Silver Mines Inc. - COO in West Africa, David Whittle

" Fortuna Silver Mines (TSX:FVI) Séguéla Project on-track for first gold pour

Fortuna Silver Mines (FVI) has achieved construction and operational milestones for its Séguéla Gold Project in Côte d’Ivoire.