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New Energy Metals to acquire Chilean lithium project in cash, stock deal

New Energy Metals Corp. said May 30 that it signed an option agreement to purchase the Atacama lithium project from an undisclosed seller.

The project covers approximately 66,000 hectares in northern Chile's Atacama salar district, which hosts much of the world's known lithium reserves and produces about one third of global lithium output.

New Energy Metals can acquire the Atacama property by paying a total of US$9.4 million and issuing 9,350,000 shares in stages until January 2022, including US$550,000 and 550,000 shares due upon signing. The deal remains subject to approval from the TSX Venture Exchange.

The project is not subject to underlying royalties and all work undertaken will be at the company's sole discretion.

New Energy Metals recently secured an option over the Victoria project, its sixth cobalt exploration project in Chile's San Juan district.