- New Energy Metals Corp. (ENRG) has closed the second and final tranche of its non-brokered private placement
- The company issued 2,766,000 units at a price of $0.25 per unit for gross proceeds of $691,500
- Under the offering, the company issued a total of 5,466,000 units for total gross proceeds of $1,366,500
- New Energy Metals is a mining company focused on acquiring and exploring mineral resource properties
- New Energy Metals Corp. opened trading at $0.42 per share
New Energy Metals (ENRG) has closed the final tranche of its non-brokered private placement for total gross proceeds of $1,366,500.
Under the final tranche of the previously announced offering, the company issued 2,766,000 units at a price of $0.25 per unit for gross proceeds of $691,500. 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 two years from the closing date of the offering.
Warrants are subject to an acceleration clause.
The net proceeds will be used to fund acquisitions, exploration, working capital and other general corporate purposes. However, none of the proceeds from the offering will be used toward the acquisition of the Roslyn Property until approval has been received for the acquisition.
All securities issued will be subject to a statutory four-month hold period.
New Energy Metals Corp. is a mining company focused on acquiring and exploring mineral resource properties.
New Energy Metals Corp. (ENRG) opened trading at $0.42 per share.