Vancouver, B.C. (January 6th, 2022) – First Energy Metals Ltd. (CSE: FE) (“First Energy” or the “Company”) has approved a 10-per-cent rolling restricted share unit plan whereby the company may issue up to 10 per cent of its issued capital as restricted share units to eligible directors, officers, employees and consultants. The restricted share unit plan was adopted by the company to provide incentives to its executives and service providers and to better align interests with shareholders while preserving the company’s cash for furthering its exploration efforts.
In addition, the Company has granted incentive stock options to certain directors, officers and consultants to purchase up to an aggregate of 240,000 common shares under the Company’s Incentive Stock Option Plan. The options will be exercisable for a period of five (5) years, at an exercise price of $0.35 per share.
The stock option grant will be subject to a four-month hold period and is subject to Canadian Securities Exchange approval.
About the Augustus Lithium Property
The Company owns 100% interest in Augustus Lithium Property in Landrienne & Lacorne-Townships, Quebec, Canada. The Property consists of 271 mining claims covering a total area of 14,155 hectares located approximately 40 kilometres northwest of the town of Val d’Or on map sheets 32C/05 and 32D08. The Property claims are spread in several claim blocks optioned in 2021 from different vendors. The Company has prepared a well thought out work plan on the property which includes diamond drilling, metallurgical testwork to produce battery grade lithium carbonate, and resource estimation. To date, the Company has compiled historical drill hole data on the Property for 74 historical dill holes with a cumulative drilling of 12,123.14 m, out which 6,024 m drilling was completed on the Property during 1950s. Several drill hole results indicated intersections over 1% lithium oxide.”.
About First Energy Metals Limited.
First Energy Metals is a Canadian mineral exploration company with a primary focus of acquiring a multicommodity mineral property portfolio. Its goal is to identify, acquire and explore North American mineral prospects in the technology metals, precious metal, and base metal sector.
The company’s strategy is to:
- Acquire and advance projects through prospecting and early-stage exploration;
- Source joint venture partners to finance future exploration and project development;
- Create shareholder value through exploration success.
First Energy will continue to add to its multicommodity portfolio through organic acquisitions of new projects and opportunities with the intention of adding value and projects over time.
ON BEHALF OF THE BOARD OF
FIRST ENERGY METALS LTD.
President & Chief Executive Officer
For further information, please contact the Company at: email@example.com or (604) 375-6005
Neither the Canadian Securities Exchange (CSE) 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.
Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. “Forward-looking information” in this news release includes information about the Company’s information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company’s ability to obtain required approvals. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Table 1: Drill Hole LC21-14 Assay Highlights
Note: A standard conversion factor of 2.15 was used to report Li to Li2O values
All intersections reported are based on drilled width and have not been converted to the true width.