VANCOUVER, Oct. 14, 2018 /CNW/ - First Energy Metals
Ltd. (TSXV: FE) (the "Company) is pleased to announce
the closing of its non-brokered private placement financing
originally announced on September 7,
2018 (the "Placement"), for total proceeds of $350,000.
The Placement will include proceeds of $320,000 from the sale 3,555,556 units at a price
of $0.09 per unit (the "Unit").
Each Unit will consist of one common share and one
transferable common share purchase warrant (a "Warrant").
Each Warrant will entitle the holder to purchase an
additional common share for a price of $0.12 per share for a period of two years from
the date of closing of the private placement. The Placement will
also include a second private placement for gross proceeds of
$30,000 from the sale of 333,333 flow
through shares at a price of $0.09
per flow through share. There will be no finders' fees payable in
connection with this offering. The Placement is also subject to
compliance with applicable securities laws and to receipt of
regulatory approval.
The Company also announces the termination of the Highway 95
Property option agreement, as initially announced on June 20, 2018, as the Company plans to focus its
efforts and resources on its Phyllis Cobalt and Russel Graphite
properties.
The Company would also like to announce the appointment of
Lyle McLennan to the Company's Board
of Directors effective immediately.
The Company also accepts the resignation of Laurie Stephenson from the Company's Board of
Directors effective immediately. The Company would like to thank
Laurie for his contributions to First Energy Metals during his
tenure and wishes him all the best in his future endeavors.
About First Energy Metals Limited.
First Energy Metals Limited is a junior resource company engaged
in the exploration and development of energy metals such as
lithium, cobalt, and graphite within its property portfolio in
North America. The Company's goal
is to acquire prospective technology metals projects and develop
them. The Company currently holds an option to acquire 100%
interest in Phyllis Cobalt property in Ontario, Canada, in addition to the recently
optioned Russel Graphite Property in Gatineau area of Quebec. First Energy Metals Limited (formerly
"Agave Silver ") was incorporated on October
12, 1966 in the Province of British Columbia. The Company's common shares
trade on the TSX Venture Exchange under the symbol FE and are also
listed on the US OTC Markets (Pink) as ASKDF and on the Frankfurt
Stock Exchange as A2JC89.
ON BEHALF OF THE BOARD OF
FIRST ENERGY METALS LTD.
"Gurminder Sangha"
Gurminder Sangha
President & Chief Executive Officer
Neither the Toronto Stock Exchange (TSX) nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this news release and has neither approved
nor disapproved the contents of this news release.
Forward-looking Information
This news release
may contain forward-looking information (as such term is defined
under Canadian securities laws). While such forward-looking
information is expressed by the Company in good faith and believed
by the Company to have a reasonable basis, they address future
events and conditions and are, therefore, subject to inherent risks
and uncertainties. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except in accordance with applicable securities
law
SOURCE First Energy Metals Limited