Vancouver, Canada / TheNewswire / April 11, 2017 - New Age Metals Inc. ("NAM" and the "Company") (TSX.V: NAM; OTCQB: PAWEF) announces that further to its news release dated April 3, 2017, the Company is increasing its previously announced placement from $1,500,000 to $2,200,000 by way of combined non-flow-through ("NFT") and flow-through ("FT") units.
Each NFT unit will consist of one common share at a price of $0.075 per NFT unit and one non transferable share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.15 per share for a period of five years from closing, subject to an acceleration clause.
Each FT unit will consist of one common share at a price of $0.09 per FT unit and one non flow through non-transferable share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.15 per share for a period of two years from closing, subject to an acceleration clause.
The Warrants issued in connection with this financing are subject to an acceleration clause. If the closing price of the Company's shares is at or above $0.35 per share for a period of ten (10) consecutive trading days during the exercise period, the Company may accelerate the expiry date of the Warrants to 30 calendar days from the date express written notice is given by the Company to the holder.
The securities issued in connection with this financing will be subject to a four-month and a day hold period in accordance with applicable Canadian Securities Laws. Completion of the private placement and any finder's fees payable are subject to regulatory approval.
The proceeds of the private placement will be used for continued exploration and development of NAM's flagship River Valley PGM project near Sudbury Ontario as well as its drill ready Lithium projects in Manitoba.
The shares to be issued with respect to the private placement will be subject to a four-month and a day hold period in accordance with applicable Canadian Securities Laws. Completion of the private placement and any finder's fees payable are subject to regulatory approval.
ABOUT NAM'S PGM DIVISION
NAM's flagship project is its 100% owned River Valley PGM Project (NAM Website - River Valley Project) in the Sudbury Mining District of NW Ontario (100 kilometres due east of Sudbury, Ontario). Presently, the River Valley Project has Measured + Indicated resources of 91 million tonnes @ 0.58 g/t* Palladium, 0.22 g/t Platinum, 0.04 g/t Gold, at a cut-off grade of 0.8 g/t for a PdEq of 2,463,000 ounces PGM, plus Gold. River Valley PGM-Copper-Nickel Sulphide mineralized zones remain open to expansion and is undergoing continued exploration.
ABOUT NAM'S LITHIUM DIVISION
The Company has a portfolio of Lithium Projects:
The Clayton Valley Forks Li Project, in Nevada, is a Lithium Brine Project acquired by the Company. The Silver Peak Lithium Mine, North America's only Lithium Brine producer that accounts for approximately 4% of the world supply of Lithium Carbonate is located in the Clayton Valley. This valley is an active hub of exploration for Lithium Brines.
The Company also has several Hard Rock Lithium Projects in Canada:
To date the Company has acquired 5 hard rock (Pegmatite) Lithium Projects, in the Winnipeg River Pegmatite Field, in SE Manitoba. This Pegmatite Field hosts the giant Tanco Pegmatite that has been mined for Tantalum, Cesium and Spodumene (one of the primary Lithium ore minerals) in varying capacities, since 1969. Today, the Tanco Mine is focused on the mining of Pollucite (primary Cesium ore) and the production of Cesium Formate, a completion drilling fluid for the petroleum industry. NAM's Lithium Projects are strategically situated to further explore this Pegmatite Field. Presently, NAM is the largest mineral claim holder in the Winnipeg River Pegmatite Field.
