December 3, 2019 / Vancouver, BC / NRG Metals Inc. (“NRG” or the “Company”) (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt: OGPN) is pleased to report that at the Annual General and Special Meeting held November 29th, all matters were passed with 99% of the shares voted, voting in favor of all motions.
Shareholders approved the potential sale of the Hombre Muerto North Lithium Project located in Argentina (“HMN Project”) to Alberdi Energy for US$18 million as per the terms of the option to purchase announcement made on November 7th, 2019. In addition, shareholders approved the provision of board review and acceptance of competing offers deemed superior to the Alberdi Energy proposal. A “HMN Project” data room has been setup for Alberdi Energy and additional interested parties to access the exploration information and details of the Preliminary Economic Assessment for the HMN Project filed on SEDAR on August 12, 2019.
The Company has evaluated the HMN Project having completed the initial exploration, a resource calculation, and releasing PEA numbers. The HMN Project is strategically located in the Hombre Muerto Salar, an area of active lithium production by FMC Lithium Co. at the Fenix lithium mine, some 12 kilometers south of the project area. The project is surrounded by ground now owned by POSCO, a Korean based lithium producer, as a result of its US$280 million purchase of the area from Galaxy Resources Ltd., an Australian-based producer. Galaxy Resources Ltd., is also moving their portion of the Hombre Muerto Salar, the Sal de Vida Project, to lithium production.
On behalf of the board of directors of NRG Metals Inc.:
Adrian F. C. Hobkirk,
President and C.E.O.
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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. We seek safe harbor.