Business
New Age Metals Inc. Closes Private Placement for $2-million
(via TheNewswire) February 3, 2020 - TheNewswire - Rockport, ON, C...
About this update from New Age Metals Inc
[{"type":"text","content":"New Age Metals Inc. Closes Private Placement for $2-million(via TheNewswire)\n \n \n\n\n \n \nFebruary 3, 2020 - TheNewswire - Rockport, ON, Canada - New Age Metals Inc. (the \"Company\") (TSXV:NAM); (OTC:NMTLF); (FSE:P7J) has closed a fully subscribed private placement of 40 million units for aggregate gross proceeds of $2-million managed by IBK Capital Corp. Each Unit consisted of one common share and one common share purchase warrant (\"Warrant\"), where each Warrant entitles the holder to purchase one additional common share at a price of $0.10 per share for a period of two (2) years from the date of closing. \n\n \n \nIn connection with the closing, the Company paid fees to IBK Capital Corp. in the amount of $104,000 in cash and issued 3,300,000 broker warrants. The Company also paid fees to Mackie Research Capital Corporation in the amount of $28,000 in cash and issued 700,000 broker warrants. Each broker warrant is exercisable into a unit under the same terms as the private placement.\n\n \n \nNew Age Metals is pleased to announce that Eric Sprott, through 2176423 Ontario Ltd., has purchased $700,000 of the fully subscribed private placement. A new insider was created in connection with the financing. 2176423 Ontario Ltd. (a company beneficially owned by Eric Sprott) purchased 14,000,000 units of the Company representing approximately 18.56% of the Company's current issued and outstanding shares on a post conversion beneficial ownership basis. Prior to his purchase, 2176423 Ontario Ltd. (Eric Sprott) did not beneficially own or control any securities of the Company. The Units were acquired for investment purposes.\n\n\n \nHarry Barr, Chairman and Chief Executive Officer of New Age Metals, reports: \"We are very pleased to have Eric Sprott as a partner of New Age Metals Inc. His record of success is quite simply unmatched.\"\n\n \n \nThe gross proceeds of this financing will be used to develop the Company's 100-per-cent owned River Valley palladium project, located 60 miles from the Sudbury metallurgical complex in Sudbury, Ontario.\n\n \n \nAll securities issued in connection with the private placement are subject to regulatory approval and are subject to a four month plus one day hold period expiring on June 4, 2020, in accordance with applicable Securities Laws.\n\n \n \nOpt-in List\n\n\n \nIf you have not done so alrea...