Energy Metals Corporation

Energy Metals Corporation

March 29, 2005 14:16 ET

Energy Metals Corporation Announces $9 Million Bought Equity Financing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ENERGY METALS CORPORATION

TSX VENTURE SYMBOL: EMC

MARCH 29, 2005 - 14:16 ET

Energy Metals Corporation Announces $9 Million Bought
Equity Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2005) - Energy
Metals Corporation (TSX VENTURE:EMC) ("EMC") announces that it has
entered into an agreement with a syndicate of underwriters, led by
Sprott Securities Inc., to purchase as principal 3.0 million units at a
price of $3.00 per unit for gross proceeds of $9 million. Each unit
shall consist of one common share and one half of one share purchase
warrant. Each whole warrant shall be exercisable at any time for one
common share at a price of $4.00 per share for a period of two years
following closing. EMC has granted the underwriters an option to
increase the size of the offering by an additional 1.0 million units at
the same price exercisable at any time prior to closing.

The Company shall pay a commission of 6% of the gross proceeds of the
offering. In addition, the underwriters will be issued on the closing
date Broker Warrants equal to 6% of the number of units purchased under
the offering. Each Broker Warrant shall be exercisable at any time for
one common share at $3.00 per share for a period of two years from the
closing date. Closing is scheduled to occur on or about April 19, 2005.

The net proceeds of the offering will be used to advance EMC's
prospective uranium properties in Arizona, Wyoming, Utah, and Nevada,
for the potential acquisition of additional properties and for general
corporate purposes. The offering is subject to certain conditions
including, but not limited to, completion of satisfactory due diligence
by the underwriters and the receipt of all necessary regulatory
approvals.

Energy Metals Corporation is a Canadian listed company involved in the
mineral resource sector. EMC has adopted a corporate strategy focusing
on the acquisition, exploration and development of established uranium
assets in the United States. This long-term strategy has been designed
to take advantage of the growth in U.S. and world-wide electrical energy
demand. This increasing demand is occurring at a time when uranium mine
supplies are dwindling and inventories are being depleted.

ON BEHALF OF THE BOARD OF DIRECTORS

OF ENERGY METALS CORPORATION

"signed"

Per:

James G. G. Watt

Chairman and Director

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Energy Metals Corporation
    James G. G. Watt
    Chairman and Director
    (604) 684-9007
    (604) 408-4799 (FAX)
    info@energymetalscorp.com
    www.energymetalscorp.com
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.