(TheNewswire)
Rockport, Ontario - TheNewswire – February 24, 2021 – New Age Metals Inc. ( TSXV:NAM) ( OTC:NMTLF) (FSE:P7J) (" NAM " or the " Company "), ispleased to announce a non-brokered private placement offering (the “ Private Placement ”)for aggregate gross proceeds of up to $4,750,000 consisting of: (i) upto $3,000,000 in units of the Company (the “ Units ”) at a priceof $0.16 per Unit and (ii) up to $1,750,000 in flow-through units ofthe Company (the “ FTUnits ”) at a price of $0.20 per FT Unit. Mr. Eric Sprott, has indicatedhis intention to subscribe for $1,000,000 into the Private Placement.
Each Unit shall be comprised of one common share (a" Common Share ") of the Company and one-half of one Common Sharepurchase warrant of the Company (each whole warrant, a" Warrant "). Each Warrant shall entitle the holder thereof topurchase one additional Common Share at an exercise price equal to$0.20 at any time up to 24 months from closing of the PrivatePlacement.
Each FT Unit will consist of one common share of theCompany that will qualify as a “flow-through share” within themeaning of subsection 66(15) of the Income Tax Act (Canada)(“ FT CommonShare ”) and one-half of one common sharepurchase warrant (each whole warrant, a “ FT Unit Warrant ”).Each FT Unit Warrant shall entitle the holder thereof to purchase oneCommon Share at an exercise price equal to $0.25 at any time up to 24months closing of the Private Placement.
The Company intends to use the net proceeds from thesale of Units towards its exploration and development work on itsprojects. The primary use ofproceeds from this financing will be for the completion of aPrefeasibility Study for the Company’s flagship River ValleyPlatinum Group Metals (PGM) Project, one of North America’s largestundeveloped primary palladium projects, and for general corporate andworking capital purposes . The Company intends touse the net proceeds from the sale of FT Units towards its explorationwork on both the Company’s PGM and Lithium divisions. This will include a maiden drill program onthe Company’s Lithium Two Project in Manitoba and continued drillingat River Valley.
The Common Shares, the Common Shares issuable uponexercise of the Warrants and FT Unit Warrants, and the Warrants and FTUnit Warrants underlying the Units to be issued under the Offeringwill have a hold period of four months and one day closing of thePrivate Placement.
In connection with the Private Placement, the Company has appointedMackie Research Capital Corporation and IBK Capital Corporation asfinders and the Company may pay a finder’s fee in cash and/orfinder’s warrants to the finders in connection with the sale ofUnits and FT Units in accordance with the policies of the TSX VentureExchange.
The issuance of the Units and FT Units, and payment ofthe finder’s fee is subject to certain conditions including, but notlimited to, the receipt of all necessary approvals including theapproval of the TSX Venture Exchange.
About NAM
New Age Metals is a junior mineral exploration and development companyfocused on the discovery, exploration and development of green metalprojects in North America. The Company has two divisions; a PlatinumGroup Metals division and a Lithium/Rare Element division.
The PGM Division includes the 100% owned, multi-million-ounce,district scale River Valley Project, one of North America’s largestundeveloped Platinum Group Metals Projects, situated 100 km fromSudbury, Ontario. The Company has recently completed a PreliminaryEconomic Assessment on the project and subject to financing, plans areto complete a Prefeasibility Study by the end of the first quarter of2022. In Alaska, the Company owns 100% of the Genesis PGM-Cu-NiProject.
The Lithium Division is one of the largest mineral claim holders inthe Winnipeg River Pegmatite Field, where the Company is exploring forhard rock lithium and various rare elements such as tantalum andrubidium. 2021 plans include drone geophysics on three of theCompany’s seven projects and a drill program on the Company’sLithium Two Project
Our philosophy is to be a project generator with the objective ofoptioning our projects with major and junior mining companies throughto production. The Company is actively seeking an option/ jointventure partner for its road-accessible Genesis PGM-Cu-Ni project inAlaska and for all or part of our Lithium Division in Manitoba.
Investors are invited to visit theNew Age Metals website at www.newagemetals.com where they can reviewthe company and its corporate activities. Any questions or commentscan be directed to info@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Cody Hunt at Codyh@newagemetals.com or call 613 659 2773.
If you have not done so already, we encourage you tosign up on our website ( www.newagemetals.com ) to receive our updated news.
On behalf of the Board of Directors
“ Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. Cautionary Note Regarding Forward Looking Statements:This release contains forward-looking statements that involve risksand uncertainties. These statements may differ materially fromactual future events or results and are based on current expectationsor beliefs. For this purpose, statements of historical fact may bedeemed to be forward-looking statements. In addition,forward-looking statements include statements in which the Companyuses words such as “continue”, “efforts”, “expect”,“believe”, “anticipate”, “confident”, “intend”,“strategy”, “plan”, “will”, “estimate”, “project”,“goal”, “target”, “prospects”, “optimistic” or similarexpressions. These statements by their nature involve risks anduncertainties, and actual results may differ materially depending on avariety of important factors, including, among others, the Company’sability and continuation of efforts to timely and completely makeavailable adequate current public information, additional or differentregulatory and legal requirements and restrictions that may beimposed, and other factors as may be discussed in the documents filedby the Company on SEDAR (www.sedar.com), including the most recentreports that identify important risk factors that could cause actualresults to differ from those contained in the forward-lookingstatements. The Company does not undertake any obligation to reviewor confirm analysts’ expectations or estimates or to releasepublicly any revisions to any forward-looking statements to reflectevents or circumstances after the date hereof or to reflect theoccurrence of unanticipated events. Investors should not place unduereliance on forward-looking statements.
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