Business
New Age Metals Inc. Engages IBK Capital Corp. to Complete a Private Placement Financing
(via TheNewswire) January 23rd, 2020 - TheNewswire - Rockport, ON,...
About this update from New Age Metals Inc
[{"type":"text","content":"New Age Metals Inc. Engages IBK Capital Corp. to Complete a Private Placement Financing(via TheNewswire)\n \n \n\n\n \n \nJanuary 23rd, 2020 - TheNewswire - Rockport, ON, Canada - New Age Metals Inc. (TSXV:NAM); (OTC:NMTLF); (FSE:P7J) has engaged IBK Capital Corp. to manage a private placement financing of up to C$2,000,000 by way of units (\"Units\") of the Company at a price of $0.05 per Unit. Each Unit consists of one common share and one 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. This financing is fully subscribed and is anticipated to close on Friday January 31, 2020.\n\n \n \nThe securities to be issued in connection with the private placement will be subject to a four-month plus one-day hold period from the date of closing in accordance with applicable Canadian Securities Laws. Completion of the private placement and any finder's fees payable are subject to regulatory approval.\n\n \n \nHarry Barr, Chairman and Chief Executive Officer of New Age Metals, reports: \"This year's palladium price increase to more than US$2,400 per ounce or C$3,100 highlights the potential of our River Valley PGM project as one of the largest undeveloped primary palladium projects in North America.\"\n\n \n \nMichael White, Chief Executive Officer of IBK Capital Corp., states, \"We believe there will be a positive rerating of the market value of palladium exploration companies. This would reflect the increasing value of the metal in the ground due to strong palladium prices based on a lack of stable supply from South Africa. We also believe the PGM producers of the world will need to acquire ounces in the ground in favourable jurisdictions to replace and geographically diversify their PGM reserves.\"\n\n \n \nUse of Proceeds\n\n\n \nThe Company intends to use the proceeds of this private placement to complete certain recommendations from the recent PEA completed on the company's River Valley Project; one of North America's largest undeveloped primary Platinum Group Metals, (PGM) Projects. Additionally, proceeds will be used to build global investor awareness in NAM, and for working capital purposes. \n\n \n \nThe River Valley PGM Project is 100% owned by New Age Metals and located in the...