New Project Acquisition
The Company has previously announced with the closing of the Balama Sale Transaction on 17 July 2020 that it has no further operations in Mozambique and that the closing also represented a disposal of its main undertaking as previously approved by shareholders at a general shareholder meeting on 13 May 2020.
Subsequently, the Company agreed to acquire a new mineral project and on 13 October 2020 requested a trading halt pursuant to ASX Listing Rule 17.1 pending announcement of a project acquisition.
On 13 November 2020, the ASX suspended the Company from official quotation pending the release of an announcement regarding an acquisition and that the Company’s securities will remain suspended until it has recomplied with Chapters 1 and 2 of the Listing Rules, including the issue of a prospectus.
Arena Investors Dispute
Confidential settlement negotiations with Arena have continued during the quarter and the Company expects to be able to make a further announcement in this regard during the first quarter of 2021.
Appointment of experienced technical directors
On 18 November 2020, the Company announced the appointment of Dr Bernard Olivier and Dr Evan Kirby to the Board of the Company in conjunction with the resignation of Mr Paul Ching and Mr Jackie Lee. Both were nominated to the Board by the Company’s largest shareholder UBezTT International Investment Holdings (BVI) Ltd.
About New Energy Minerals Ltd:
New Energy Minerals (ASX:NXE) is an ASX listed junior mining company, that recently announced the divestment of the Company’s Caula vanadium – graphite project and the Montepuez Ruby project in Mozambique.