Nope ugg NRG Metals does not complete Hombre Muerto sale 2020-01-16 08:04 MT - News Release Mr. Adrian Hobkirk reports PROJECT SALE UPDATE AND CONSOLIDATION NRG Metals Inc. has stated that Alberdi Energy has not completed the purchase option for the Hombre Muerto north lithium project as announced Nov. 7, 2019. The January 15th deadline has passed and no formal agreement has been completed. The Company remains in discussions with Alberdi Energy and others in regards to the sale of the project. The Company has financial obligations pertaining to the underlying purchase option on the Hombre Muerto North Lithium Project. In order to obtain financing and maintain the purchase option, the Company will, subject to the approval of the TSX Venture Exchange, consolidate its common shares. The Consolidation is on the basis of one (1) new common share (each a "Share") for every six (6) old Shares held and will result in the Company having approximately 7,130,666 Shares issued and outstanding. A new CUSIP and ISIN number will be issued. Registered shareholders of the Company will receive a letter of transmittal from the Company's transfer agent with instructions for exchanging their pre-consolidation shares. Shareholders who hold their shares through a broker or other intermediary will not need to complete a letter of transmittal. The Company will not issue any fractional Shares as a result of the Consolidation, but will round up or down to the nearest whole Share. All existing warrants of the Company will be reduced by a factor of six, with the exercise price increased by a factor of six, and all other warrant terms remaining the same. The HMN Project is strategically located in the Hombre Muerto Salar, an area of active lithium production by FMC at the Fenix lithium mine, some 12 kilometers south of the project area. The project is surrounded by ground now under development by POSCO, a Korean based lithium producer. The Company has completed significant exploration at the project including a resource calculation announced December 14th, 2018, and the completion of a Preliminary Economic Assessment published August 12th, 2019. Two pumping wells are installed at the project on the Tramo Claim. The Company has the option to further develop the project based on the current known resource or potentially expand the resource by completing exploration on several of the other claim blocks. In addition, the Company is evaluating the potential to further develop the project in alliance with a developer of alternative lithium extraction technology. We seek Safe Harbor. © 2020 Canjex Publishing Ltd. All rights reserved.