(Vancouver, January 25, 2017) -- First Energy Metals Limited (the "Company") is pleased to announce that it has closed the first tranche of its non-brokered private placement with the issuance of 5,945,714 units at a price of $0.07 per unit for gross proceeds of $416,200. Each unit is comprised of one common share of the Company and one non-transferable common share purchase warrant exercisable to purchase one additional common share of the Company at a price of $0.08 for a period of two years expiring January 24, 2019.
All securities issued pursuant to the first tranche are subject to a four month hold period expiring May 25, 2017. The proceeds will be used for exploration of the Company's properties and general working capital purposes.
The Company intends to proceed with the non-brokered private placement of up to 22,000,000 units in its news release dated November 4, 2016.
Additional information when available will be posted on the Company's website:www.firstenergymetals.com
On behalf of the Board of Directors of
FIRST ENERGY METALS LIMITED
President & Chief Executive Officer
For further information, contact:
Ron Lang, President and Chief Executive Officer
First Energy Metals Limited
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 adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of the Canadian securities laws. Forward-looking information in this news release includes statements about issuing a non-brokered private placement.
In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions regarding, among other things: TSXV regulatory approval for planned transactions. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: regulatory approval may not be obtained on a timely basis, or at all; the Company may require additional working capital sooner than predicted; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing.
A more complete discussion of the risks and uncertainties facing the Company is disclosed in the Company's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.