April 2, 2020 / Vancouver, BC / NRG Metals Inc. (“NRG” or the “Company”) (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt OGPN), announces that, subject to the approval of the TSX Venture Exchange, it has closed the first tranche of its non-brokered private placement (the “Private Placement”) issuing 8,070,238 units (the “Units”), at a price of $0.21 per Unit for gross proceeds of up to $1,694,750. Each Unit is comprised of one common share (the “Shares”) and one transferable common share purchase warrant (the “Warrants”). Each Warrant allows the holder to purchase one Share of the Company at a price of $0.35 per Share for a period of five years from the date of closing of the Private Placement.
All securities issued will be subject to a four month hold period. No finder’s fees were paid in connection with the Private Placement.
The Company also announces that it will be proceeding with a second tranche of the Private Placement and has obtained a 30-day closing extension from the TSX Venture Exchange.
Proceeds of the Private Placement will be used to advance the HMN Lithium Project, located in Salta Province, Argentina. The project is located on the Hombre Muerto Salar, the premier lithium producing salar in Argentina. The property is adjacent to land under development by Korean multinational corporation POSCO, who acquired their ground from Galaxy Resources Ltd. for $ US 280 million. The Company completed a Preliminary Economic Assessment of the HMN Li Project in 2019, and the property has two pumping wells installed. The next phase of development will include moving the project to a pre-feasibility. In addition, NRG is evaluating several new extraction technologies for lithium production which may be applicable to the project. Further news is expected shortly.
On behalf of the board of directors of NRG Metals Inc.:
Adrian F. C. Hobkirk
President and Chief Executive Officer
Investors / Shareholders Call 855-415-8100 / ahobkirk@nrgmetalsinc.com
W: www.nrgmetalsinc.com