Transaction Completed with Strategic Investor
Pursuant to the transaction, New Energy completed a A$1.5million placement in two tranches to UBezTT at $0.065 per share for a total of 23 million shares, which is a premium to the current share price. Shares were issued to UBezTT under the Company's existing ASX LR7.1 and LR7.1A placing capacity. Please see Appendix 1 (see link below) for further disclosures in relation to ASX LR 3.10.5A.
In addition to the placement, the A$3.5 million equity investment by UBezTT in Balama Resources Pty Ltd ("Balama") has been concluded in return for 50% of the enlarged capital of Balama. Balama is the holder of an 80% interest in the Caula Vanadium-Graphite project. All funds in relation to the placement and the Balama investment have been received by the Company and all relevant shares issued.
New Energy Minerals Managing Director Bernard Olivier Commented: "We are pleased to have completed this transaction and we welcome Mr Ching's investment into New Energy. With the scoping study now completed, we look forward to applying these funds to fast-tracking the development of the Caula Vanadium Graphite Project".
Note: Refer to ASX Announcement dated 7 November 2018 for full details of the transaction
To view the Appendix, please visit:
About New Energy Minerals Ltd
New Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.
New Energy Minerals Ltd