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ENERGY METALS LTD — Capital/Financing Update 2018
Nov 14, 2018
64845_rns_2018-11-14_669ae0a5-d335-4c4c-acd2-bef3e651dcbf.pdf
Capital/Financing Update
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14 November 2018
Company Announcements Platform Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000
Energy Metals Limited ABN 63 111 306 533 Level 2 28 Kings Park Road West Perth WA 6005 PO Box 1323 West Perth WA 6872 Western Australia Telephone: (08) 9322 6904 Facsimile: (08) 9321 5240 Email: [email protected] Web: www.energymetals.net
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CHANGE OF INTEREST IN BIGRLYI PROJECT
Energy Metals Limited (ASX: EME) wishes to advise that its interest in Bigrlyi (“BJV”) project has increased from 53.3% to 72.39%.
The Bigrlyi Uranium- Vanadium Project located on the northern margin of the Ngalia Basin, 350 km northwest of Alice Springs is a joint venture between Energy Metals Limited, Northern Territory Uranium Pty Ltd (“NTU”) and Southern Cross Exploration (“SXX”).
During 2017 EME and SXX paid NTU’s BJV cash calls on a proportional basis after NTU failed to contribute and then failed to remedy the default within an agreed period.
As such, pursuant to a dilution clause in the BJV Agreement, EME and SXX have acquired NTU’s relevant interest in proportion to their respective contributions.
The new Undivided Beneficial Interest of each party in the BJV Project is as follows:
EME 72.39% NTU 20.82% SXX 6.79%
Yours sincerely
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XUEKUN LI Company Secretary