Cheap holding call hurt the eagles. Oversubscribed PP is great news and shows the interest buildimng. Next PP will be much higher I am betting. GLTA
2023-02-17 10:16 ET - News Release
Mr. Rishi Kwatra reports
NEW ENERGY METALS ANNOUNCES CLOSING OF OVERSUBSCRIBED PRIVATE PLACEMENT
Further to its news releases dated Jan. 5, Jan. 12 and Feb. 14, 2023, New Energy Metals Corp. has closed the second and final tranche of its non-brokered private placement of 2,766,000 units at a price of 25 cents per unit for gross proceeds of $691,500. The company has raised an aggregate of $1,366,500 under the first and second tranches of the offering through the issuance of 5,466,000 units.
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 50 cents per share for a period of 24 months from the date of closing of the offering. In the event that the shares trade at a price of $1 for 10 consecutive trading days, the company may, at its option, accelerate the warrant expiry date by providing notice to the warrant holders by way of a news release that the warrants will expire on the 30th day from the date of the acceleration notice.
Finder's fees under the offering consisted of $4,900 and 19,600 finder's warrants. The finder's warrants are non-transferable, are exercisable at a price of 50 cents per share for a period of two years and are subject to the same acceleration terms as the warrants issued in the offering.
The net proceeds from the offering will be used to finance 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 exchange approval has been received for this property acquisition.
All securities to be issued pursuant to the offering will be subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.