Business
New Age Metals Receives Shareholder Approval for New Control Person and Closes Second Tranche of $2,075,000 with Eric Sprott
(TheNewswire) Rockport, Ontario – TheNewswire - August 25, 202...
About this update from New Age Metals Inc
[{"type":"text","content":"New Age Metals Receives Shareholder Approval for New Control Person and Closes Second Tranche of $2,075,000 with Eric Sprott\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Rockport, Ontario –\n \n \n TheNewswire -\n \n \n August 25, 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 \n Company\n \n \n \"), is pleased to announce that the Shareholders of the\nCompany approved the creation of 2176423 Ontario Ltd., a corporation\nbeneficially owned by Eric Sprott, as a new control person of the\nCompany.  The Company received approval from 97.85% of disinterested\nShareholders.\n \n \n \n \n Further to news release of March 26, 2021 and March 31,\n2021, the Company has now completed the second tranche of its private\nplacement (“Private Placement”) raising additional proceeds of\n$2,075,000.  The Company has issued 12,968,750 units (“Units”) at\na purchase price of $0.16 per Unit for proceeds of $2,075,000.\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 August 25, 2023.\n \n \n \n \n Eric Sprott, through 2176423 Ontario Ltd., a\ncorporation which is beneficially owned by him, acquired all\n12,968,750 Units pursuant to the Private Placement for total\nconsideration of $2,075,000. Prior to the Private Placement, Mr.\nSprott beneficially owned or controlled 38,531,250 Common Shares and\n26,265,625 Warrants.  As a result of the Private Placement, Mr.\nSprott beneficially owns and controls 51,500,000 Common Shares and\n32,750,000 Warrants representing approximately 24.51% of the issued\nand outstanding shares of the Company on a non-diluted basis and\napproximately 34.70% of the issued and outstanding shares of the\nCompany on a partially diluted basis, assuming the exercise of\nWarrants pursuant to the private placement.\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 Comp...