October 26, 2017 – Vancouver, British Columbia- Nevada Energy Metals Inc. “the Company” (TSX-V: BFF; OTCQB: SSMLF) (Frankfurt: A2AFBV) announces that in order for the Company to seek new business opportunities and better finance the Company, the Board of Directors have approved and authorized a consolidation of the Company’s issued and outstanding shares on a 10 old for 1 new basis, consolidating its 93,783,051 currently outstanding shares to 9,378,305 shares.
The Company will not be issuing fractional shares as a result of the consolidation. Instead, all fractional shares equal or greater to one-half will be rounded to the next whole share. The Company’s outstanding stock options and share purchase warrants will be adjusted upon completion of the consolidation.
The Company does not intend to change its name or seek a new stock trading symbol from the Exchange in connection with the Consolidation. The Company’s shares will continue to trade under the symbol “BFF”. The consolidation remains subject to final
acceptance by the Exchange.
A letter of transmittal will be sent to the registered shareholders providing instructions to surrender the share certificates evidencing their pre-consolidated common shares for replacement certificates of Nevada Energy Metals Inc. representing the number of post-consolidated common shares they are entitled to as a result of the consolidation. Until surrendered, each certificate representing the pre-consolidated common shares will be deemed to represent the number of post-consolidated common shares of Nevada Energy Metals Inc. that the holder thereof is entitled to as a result of the consolidation.
Pursuant to the terms of a Services Agreement announced on March 16, 2016 with Agoracom, the Company is issuing 198,880 pre-consolidated shares at a deemed value of $0.05 per share for services in the amount of $19,888, subject to Exchange approval.
All shares issued are subject to a regulatory hold period of four months plus one day expiring on February 27, 2018, in accordance with applicable securities legislation
About Nevada Energy Metals: /
Nevada Energy Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange. The Company’s main exploration focus is directed at lithium brine targets located in the mining friendly state of Nevada. The Company has 100% ownership in 77 claims in Clayton Valley, only 250m from Rockwood Lithium, the only brine based lithium producer in North America; 100% interest in the 100 claim Teels Marsh West Project covering 2000 acres (809 hectares) in Mineral County, Nevada; 100% interest in the 90 claim Dixie Valley Project, which is optioned 100% to LiCo Energy Metals Inc.; 100% interest in the Black Rock Desert Property – 130 claims located in southwest Black Rock Desert, Washoe County, Nevada, which is optioned 100% to LiCo Energy Metals Inc.).
On Behalf of the Board of Directors
Rick Wilson, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the contents of this news release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions such as Exchange approval of the Option Agreement and the Financing and the Company’s ability to exercise the Option or close the Financing, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. Availability of financing, and general business conditions are all factors that could cause actual results to vary materially from forward-looking statements.