VANCOUVER, British Columbia, Nov. 07, 2017 (GLOBE NEWSWIRE) -- NRG Metals Inc. (the “Company”) (TSX-V:NGZ) (OTCQB:NRGMF) (Frankfurt:OGPN), is pleased to announce that due diligence on the Company’s project evaluation is progressing with Chengdu Chemphys Chemical Industry Co., Ltd. (“Chemphys”) as announced on October 17, 2017. The Company is working to complete this transaction, and developing a strategic alliance with Chemphys, a leading lithium producer in China.
Terms of the Letter of Intent include the completion of a private placement to fund the development of the Hombre Muerto North Lithium Project (“HMNLP”), board participation in NRG by Chemphys, and an off-take agreement for the HMNLP, along with technical and technological co-operation.
The Company has initiated an annual general and special meeting of its shareholders (the “Meeting”) to be held on Friday, December 22, 2017 at 11:00 a.m. (Pacific time) at the Company’s head office at Suite 804 – 750 West Pender Street, Vancouver, British Columbia. At the Meeting, the Company intends to set the number of directors at 7 and Chemphys will have the right to nominate one director to the board of NRG. In addition, the Company will be seeking shareholder approval to pass an ordinary resolution of disinterested shareholders of the creation of a new control person resulting from the completion of the private placement.
About the Company
NRG Metals Inc. is an exploration stage company evaluating two lithium brine projects, located in Argentina. Phase One exploration drilling is currently underway at the 29,000 hectare Salar Escondido lithium project, Catamarca Province, Argentina. Results are expected in November. In addition, the Company is awaiting exploration permits at the HMNLP, located in Salta Province, Argentina. Additional projects are currently under negotiation.
The Company currently has 87,708,635 common shares issued and outstanding. The Company 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.
