New Energy Announces Share Consolidation
Vancouver, British Columbia, March 6, 2024 – New Energy Metals Corp. (TSXV: ENRG) (OTCQB: NRGYF) (“New Energy” or the “Company“) wishes to announce that the Company’s Board of Directors has approved a consolidation of all of its issued and outstanding common shares (the “Common Shares“) on the basis of 10 pre-consolidated Common Shares for one post-consolidated Common Share (the “Share Consolidation“). The proposed Share Consolidation remains subject to TSX Venture Exchange acceptance.
The proposed Share Consolidation would result in the number of issued and outstanding Common Shares being reduced from the current outstanding 35,846,767 Common Shares to approximately 3,584,677 Common Shares. No fractional shares will be issued as a result of the Share Consolidation. Any fractional shares resulting from the Share Consolidation will be rounded down to the next whole Common Share, and no cash consideration will be paid in respect of fractional shares.
The record date, effective date of the Share Consolidation and the new CUSIP and ISIN numbers will be disclosed in a subsequent news release. There will be no change in the Company’s name and trading symbols.
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 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.
