Agoracom Blog

New Age Metals $NAM $ NMTLF Announces Upsize of Private Placement to $5.25 Million $WG.ca $XTM.ca $WM.ca $PDL.ca

Posted by AGORACOM-Eric at 8:38 AM on Friday, February 26th, 2021
http://www.smallcapepicenter.com/NAM%20square.png

New Age Metals Inc. (TSXV:NAM) (OTC:NMTLF) (FSE:P7J) (“NAM” or the “Company“), is pleased to announce that, due to strong investor demand, it has increased its previously announced non-brokered private placement offering (the “Private Placement”) to up to $5,250,000, consisting of: (i) up to $3,500,000 in units of the Company (the “Units”) at a price of $0.16 per Unit and (ii) up to $1,750,000 in flow-through units of the Company (the “FT Units”) at a price of $0.20 per FT Unit.

Each Unit shall be comprised of one common share (a “Common Share“) of the Company and one-half of one Common Share purchase warrant of the Company (each whole warrant, a “Warrant“). Each Warrant shall entitle the holder thereof to purchase one additional Common Share at an exercise price equal to $0.20 at any time up to 24 months from closing of the Private Placement.

Each FT Unit will consist of one common share of the Company that will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (“FT Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “FT Unit Warrant”). Each FT Unit Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price equal to $0.25 at any time up to 24 months closing of the Private Placement.

The Company intends to use the net proceeds from the sale of Units towards its exploration and development work on its projects. The primary use of proceeds from this financing will be for the completion of a Prefeasibility Study for the Company’s flagship River Valley Platinum Group Metals (PGM) Project, one of North America’s largest undeveloped primary palladium projects, and for general corporate and working capital purposes. The Company intends to use the net proceeds from the sale of FT Units towards its exploration work on both the Company’s PGM and Lithium divisions. This will include a maiden drill program on the Company’s Lithium Two Project in Manitoba and continued drilling at River Valley.

Read More:https://agoracom.com/ir/NewAgeMetals/forums/discussion/topics/756137-new-age-metals-announces-upsize-of-private-placement-to-5-25-million/messages/2305541#message

Tags: , , , , , , , ,

Comments are closed.