Business
New Age Metals Closes First Tranche of $2,975,000 with Lead Order from Eric Sprott
(TheNewswire) Rockport, Ontario – TheNewswire - ...
About this update from New Age Metals Inc
[{"type":"text","content":"New Age Metals Closes First Tranche of $2,975,000 with Lead Order from Eric Sprott\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 March 31 2021 –\n \n \n New\nAge 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 \n Company\n \n \n \"), is pleased to announce that further to the news\nrelease of March 26, 2021, the Company has completed the first tranche\nof its private placement (“Private Placement”) raising gross\nproceeds of $2,975,000.\n \n \n \n \n The Company has issued an aggregate of 18,593,750 units\n(“Units”) at a purchase price of $0.16 per Unit for aggregate\ngross proceeds of $2,975,000.  Eric Sprott has closed 18,281,250 of\nthe Units for $2,925,000.\n \n \n \n \n Each Unit consisted of one common share and one half of\none share purchase warrant, whereby each whole warrant entitles the\nholder to purchase one additional common share at a purchase price of\n$0.20 per share at any time up to March 31, 2023.\n \n \n \n \n Eric Sprott, through 2176423 Ontario Ltd., a\ncorporation which is beneficially owned by him, acquired 18,281,250\nUnits pursuant to the Private Placement for total consideration of\n$2,925,000. Prior to the Private Placement, Mr. Sprott beneficially\nowned or controlled 20,250,000 Common Shares and 17,125,000 Warrants\nof the Company.  As a result of the Private Placement, Mr. Sprott\nbeneficially owns and controls 38,531,250 Common Shares and 26,265,625\nWarrants\n \n \n representing approximately 19.9% of the\nissued and outstanding shares of the Company on a non-diluted basis\nand approximately 29.5% of the issued and outstanding shares of the\nCompany on a partially diluted basis assuming the exercise of\nWarrants.\n \n \n \n \n The Units were acquired by Mr. Sprott for investment\npurposes.  Mr. Sprott has a long-term view of the investment and may\nacquire additional securities of the Company including on the open\nmarket or through private acquisitions or sell securities of Company\nincluding on the open market or through private dispositions in the\nfuture depending on market conditions, reformulation of plans and/or\nother factors that Mr. Sprott considers relevant from time to...