January 5, 2018 / Vancouver, British Columbia / NRG Metals Inc. (“NRG” or the “Company”) (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt OGPN), announces that it had held its Annual General and Special Meeting on December 22, 2017. All motions received shareholder approval.
Board of Directors Appointments
The Company is pleased to announce the appointment of Ms. Alison Dai to its board of directors. Ms. Dai is the Business Development and Director of Chengdu Chemphys Chemical Industry Co. Ltd. (“Chemphys”), a specialist producer of high purity lithium products. In addition, Mr. Christopher P. Cherry has been re-appointed to the board of directors, and will continue to serve as Chief Financial Officer.
Strategic Alliance with Chemphys and Creation of a New Control Person
As announced on November 16, 2017, the Company completed various agreements to give effect to its strategic alliance with Chemphys to advance the exploration and development of the Company’s Hombre Muerto North Lithium Project (the “HMN Project”) located in the Salta and Catamarca Provinces area where most of the lithium production occurs in Argentina. Included with the strategic alliance is an off-take agreement for any future lithium produced by the Company at the HMN Project.
In connection with the above, the disinterested shareholders of the Company have approved the creation of a new control person as defined under the B.C. Securities Act. Chemphys, by way of its placee, Latam Resources Pty Limited, will become a control person of the Company, upon completion of a second tranche of a private placement, which is expected to be completed in coming weeks pending the approval of the TSX Venture Exchange.
Company President Adrian F.C. Hobkirk is quoted, “We are very pleased to have obtained the support of our shareholders in regards to our business plan for the exploration and development of lithium projects in Argentina. We welcome Ms. Dai to the board of the Company, and look forward to working closely with Chemphys to quickly advance the development of the Company.”
About the Company
NRG Metals Inc. is an exploration stage company focused on the advancement of lithium brine projects in Argentina. It is currently drilling the 29,000 hectare Salar Escondido Lithium Project, with recent results of 227 ppm Li confirming lithium at the top of the target zone. Exploration is continuing on site. In addition to the Salar Escondido lithium project, the Company is evaluating the 3,287 hectare HMN Project in the province of Salta. HMN 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. The Company has filed an Environmental Impact Study and applied for permits to drill HMN, with further details expected in the immediate future. A National Instrument 43-101 technical report on HMN was filed on SEDAR on October 16, 2017.
The Company currently has approximately 107 million shares issued and outstanding, and trades on the TSX Venture Exchange under the symbol NGZ, on the OTCQB Market under the symbol, NRGMF, and on the Frankfurt Stock Exchange under the symbol, OGPN.
On behalf of the board of directors of NRG Metals Inc.:
Adrian F.C. Hobkirk
President and C.E.O.
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 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 news release. We seek safe harbour.