Business
New Age Metals Announces Upsize of Private Placement to $5.25 Million
(TheNewswire) Rockport, Ontario – TheNewswire - ...
About this update from New Age Metals Inc
[{"type":"text","content":"New Age Metals Announces Upsize of Private Placement to $5.25 Million\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Rockport, Ontario –\n \n \n TheNewswire -\n \n \n February 26, 2021  –\n \n \n New Age Metals Inc. (\n \n \n TSXV:NAM)\n \n \n (\n \n \n OTC:NMTLF) (FSE:P7J)\n \n \n (\"\n \n \n NAM\n \n \n \" or the \"\n \n \n Company\n \n \n \"), is\npleased to announce that, due to strong investor demand, it has\nincreased its previously announced non-brokered private placement\noffering (the “\n \n \n Private\nPlacement\n \n \n ”) to up to $5,250,000, consisting\nof: (i) up to $3,500,000 in units of the Company (the “\n \n \n Units\n \n \n ”) at a price\nof $0.16 per Unit and (ii) up to $1,750,000 in flow-through units of\nthe Company (the “\n \n \n FT\nUnits\n \n \n ”) at a price of $0.20 per FT Unit.\n \n \n \n \n Each Unit shall be comprised of one common share (a\n\"\n \n \n Common Share\n \n \n \") of the Company and one-half of one Common Share\npurchase warrant of the Company (each whole warrant, a\n\"\n \n \n Warrant\n \n \n \"). Each Warrant shall entitle the holder thereof to\npurchase one additional Common Share at an exercise price equal to\n$0.20 at any time up to 24 months from closing of the Private\nPlacement.\n \n \n \n \n Each FT Unit will consist of one common share of the\nCompany that will qualify as a “flow-through share” within the\nmeaning of subsection 66(15) of the Income Tax Act (Canada)\n(“\n \n \n FT Common\nShare\n \n \n ”) and one-half of one common share\npurchase warrant (each whole warrant, a “\n \n \n FT Unit Warrant\n \n \n ”).\nEach FT Unit Warrant shall entitle the holder thereof to purchase one\nCommon Share at an exercise price equal to $0.25 at any time up to 24\nmonths closing of the Private Placement.\n \n \n \n \n The Company intends to use the net proceeds from the\nsale of Units towards its exploration and development work on its\nprojects.\n \n \n The primary use of\nproceeds from this financing will be for the completion of a\nPrefeasibility Study for the Company’s flagship River Valley\nPlatinum Group Metals (PGM) Project, one of North America’s largest\nundeveloped primary palladium projects, and for general corporate and\nwor...