New Energy Announces Effective Date of Share Consolidation

New Energy Announces Effective Date of Share Consolidation

New Energy Announces Effective Date of Share Consolidation

Vancouver, British Columbia, March 19, 2024 – New Energy Metals Corp. (TSXV: ENRG) (OTCQB: NRGYF) (New Energy” or the “Company), is pleased to announce that further to its news release dated March 6, 2024, the Company has received final acceptance from the TSX Venture Exchange (the “TSXV”) of the consolidation of its common shares on the basis of one (1) postconsolidation Share for every ten (10) pre-consolidation Shares (the “Share Consolidation”).

Effective at the opening of trading on Monday, March 25, 2024 (the “Effective Date”), the common shares (the “Common Shares”) of the Company will commence trading on the TSXV on a consolidated basis. As a result of the Share Consolidation, the 35,846,767 issued and outstanding Common Shares will be reduced to approximately 3,584,677 Common Shares, with approximately 769,120 Common Shares reserved for issuance. No fractional Shares will be issued, and any postconsolidated fraction of a Share will be rounded to the nearest whole number of Shares. The exercise or conversion price and the number of Common Shares issuable under any of the Company’s outstanding convertible instruments will be proportionately adjusted on the Effective Date.

The name of the Company remains the same following the Share Consolidation, and the Company will continue to trade under the trading symbol “ENRG” on the TSXV and under the symbolNRGYF” on the OTC Markets. The new CUSIP will be 03634K202 and the new ISIN number will be CA03634K2020.

Shareholders of record as of the Record Date who hold Common Shares represented by a physical certificate or DRS statement will receive a letter of transmittal from the transfer agent of the Company, Endeavor Trust Corporation, with instructions on how to exchange their existing certificates or DRS statements for certificates or DRS statements representing Shares on a postConsolidation basis.

Beneficial shareholders who hold their Common Shares through intermediaries (securities brokers, dealers, banks, financial institutions, etc.) and who have questions regarding how the Share Consolidation will be processed should contact their intermediaries.

On behalf of the Board of Directors,
New Energy Metals Corp.
Rishi Kwatra
CEO & Director
Tel: 604-760-3999

About New Energy Metals Corp.

New Energy 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 Atikokan lithium Project which comprises 3,788 hectares and is located approximately 12 km east of Atikokan, Ontario. The claims straddle the contact between a peraluminous S-type muscovite-bearing granite and metasediments within the Quetico subprovince. The Quetico-Marmion subprovincial boundary lies just 4 km north of the Property.

The Company also has an option to purchase a 100-percent interest in the Roslyn lithium property, covering 5,100 hectares located 25 kilometers southeast of the Georgia Lake pegmatite field and 35 kilometers southeast of where Rock Tech Lithium just published a preliminary economic assessment supporting the indicated mineral resource of 10.6 Mt (million tons) grading 0.88 percent lithium oxide and an inferred mineral resource of 4.2 Mt grading 1.0 percent Li2O.

The Company also has an option to purchase a 100-percent 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 Market Regulator (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the Share Consolidation.

These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, the Company not receiving the necessary regulatory approvals in respect of any of the transactions contemplated herein.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will receive the necessary regulatory approvals in respect of each of the transactions contemplated herein.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, except as required by applicable securities laws.