Vancouver, BC, Canada / TheNewswire / May 7, 2018 - New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE: P7J.F) announces a non-brokered private placement of up to $1,200,000 by way of combined non-flow-through units ("NFT Unit") at a price of $0.09 per Unit and flow-through units ("FT Unit") at a price of $0.11 per Unit of the Company.
Each NFT Unit will consist of one common share and one half of one non-transferable share purchase warrant ("Warrant") with each whole Warrant being exercisable at a price of $0.15 per share during the first year and $0.20 per share during the second year for a period of two (2) years from the date of closing subject to an accelerated expiry clause.
Each FT Unit will consist of one flow-through common share and one half of one non-transferable share purchase warrant ("Warrant") with each whole Warrant being exercisable at a purchase price of $0.15 per share during the first year and $0.20 per share during the second year for a period of two (2) years from the date of closing subject to an accelerated expiry clause.
The 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.
Warrant Accelerator Clause
The Warrants will be subject to an acceleration clause. If the closing price of the Company's shares on the TSX Venture Exchange is at or above $0.30 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.
1st Tranche Closing
The Company is pleased to announce that it has closed the 1st tranche of the private placement raising an aggregate of $920,550. The Company issued 3,317,222 non-flow-through units ("NFT Unit") at a price of $0.09 per Unit and 5,654,546 flow-through units ("FT Unit") at a price of $0.11 per Unit of the Company under the terms and conditions above.
Finder's fees were paid on part of the 1st tranche closing in the amount of $49,320 cash and 472,606 broker warrants on the same terms as the purchaser warrants, subject to regulatory approval.
All securities issued in connection with the 1st tranche closing are subject to a four month plus one day hold period expiring on September 8, 2018, in accordance with applicable Securities Laws.
The proceeds of the private placement will be used for the projects first economic study, a preliminary economic assessment (PEA), drilling specific targets and for working capital.
