NRG Metals, Inc. (OTCQB: NRGMF) is engaged as a lithium mining company. Shares of the lithium brine project developer climbed 26.58%, through early trading on Monday, October 9, 2017. Over the past month, NRG Metals, Inc. has seen average daily volume of 58,482 shares. However, volume of 167,867 shares or dollar volume of $33,573, has already exchanged hands on the day.
Shares of NRG Metals, Inc. are climbing today after the company announced that it has closed a non-brokered private placement deal. Under the terms of the deal, Jose De Castro, the company’s director and Chief Operating Officer, bought 2 million units which consist of one common share and warrant with an exercise price of $0.20 per share. The company sold 4.5 million units with a price of $0.10 per unit and raised $450,000 in gross proceeds. Here is the full press release detailing of the private placement:
NRG Metals, Inc. Press Release:
Vancouver, BC / October 6, 2017 / NRG Metals, Inc. (the “Company”) (“NRG” or the “Company”) (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt OGPN), is pleased to announce that it has completed a non-brokered private placement of 4,500,000 units at a price of CAD$0.10 per unit, raising gross proceeds of $450,000.
Each unit is comprised of one common share and one transferable common share purchase warrant exercisable for a period of two years at an exercise price of $0.20 per share, provided that in the event that the closing price of the Company’s common shares on the TSX Venture Exchange is $0.40 or greater per common share during any 20 consecutive trading day period at any time subsequent to four months and one day after the closing date, the warrants will expire at 4:00 p.m. (Vancouver time) day after the date on which the Company provides notice of such accelerated expiry to the warrant holders, and the warrant holders will have no further rights to acquire any common shares of the Company under the warrant.
The Company did not pay any finder’s fees.
Jose De Castro, a director and Chief Operating Officer subscribed for 2 million units in the private placement.
The private placement proceeds will be used for general working capital purposes and for expenditures relating to the Hombre Muerto North Project.
About the Company
NRG Metals, Inc. is an exploration stage company focused on the advancement of lithium brine projects in Argentina. A drill program is currently underway at the 29,000 hectare Salar Escondido lithium project, Catamarca Province, Argentina. In addition, the Company is evaluating the 3,287 hectare Hombre Muerto North lithium project in the province of Salta. The Hombre Muerto North project is located at the northern end of the prolific Hombre Muerto Salar, adjacent to FMC’s producing Fenix mine and Galaxy Resources’ Sal de Vida development stage project. As announced in a press release dated July 13, 2017, the Company has filed an Environmental Impact Study and applied for permits to drill the Hombre Muerto North Project.
NRG Metals, Inc. currently has 69,405,885 shares issued and outstanding following completion of this private placement, and trades on the TSX Venture Exchange under symbol NGZ, on the OTCQB Market under symbol NRGMF, and on the Frankfurt Stock Exchange under symbol OGPN.
The TSX Venture Exchange has not reviewed the content of this news release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this news release.
This news release is not for distribution or dissemination in the United States and accordingly, shall not constitute an offer of securities in the United States. The securities that may be issued pursuant to this news release are not currently qualified by prospectus or registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the laws of any state, and may not be offered or sold in the United States, or to, or for the account or benefit of United States persons (as defined in Regulation S under the Securities Act) or persons in the United States absent registration or an applicable exemption from the registration requirements. The securities are subject to resale restrictions under applicable securities laws.
This news release contains certain “forward- looking statements” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this news release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this new2017s release. We seek safe harbour.