Closes Second Tranche Of $2,075,000 With Eric Sprott
New Age Metals Inc.’s (TSXV: NAM) (OTCQB:NMTLF) shareholders have approved the creation of 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, as a new control person of the company.
The company has also completed the second tranche of its private placement raising additional proceeds of $2,075,000.
Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired all 12,968,750 Units pursuant to the Private Placement for total consideration of $2,075,000. Prior to the Private Placement, Mr. Sprott beneficially owned or controlled 38,531,250 Common Shares and 26,265,625 Warrants.
As a result of the Private Placement, Mr. Sprott beneficially owns and controls 51,500,000 Common Shares and 32,750,000 Warrants representing approximately 24.51% of the issued and outstanding shares of the company on a non-diluted basis and approximately 34.70% of the issued and outstanding shares of the company on a partially diluted basis, assuming the exercise of Warrants pursuant to the private placement.
Mr Sprott has a long-term view of the investment and may acquire additional securities of the company including on the open market or through private acquisitions or sell securities of company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other factors that Mr Sprott considers relevant from time to time.
The company intends to use the net proceeds from the sale of Units towards its exploration and development work on its projects.
The primary use of proceeds from this financing will be for the completion of a Pre-Feasibility Study and additional exploration for the company’s flagship River Valley Platinum Group Metals (PGM) Project, one of North America’s largest undeveloped primary palladium projects, and for general corporate and working capital purposes.
New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration and development of green metal projects in North America. The company has two divisions; a Platinum Group Metals division and a Lithium/Rare Element division.
For further information please visit: https://newagemetals.com