New Energy Metals Corp. announced a non-brokered private placement of up to 4,000,000 units at an issue price of CAD 0.25 per unit for gross proceeds of up to CAD 1,000,000 on January 5, 2023. Each unit will consist of one common share and one common share purchase warrants.

Each warrant will entitle the holder thereof to purchase one common share at a price of CAD 0.50 per share for a period of 24 months. The company may pay finder's fees on a portion of the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange. In the event that the shares trade at a price of CAD 1.00 for ten 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.

The closing of the transaction will be subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the Exchange. All securities to be issued pursuant to the transaction will be subject to a four month and one day hold period in accordance with applicable Canadian securities laws.