Vancouver (pcJ News Briefs) – New Age Metals Inc. (TSX.V: NAM; OTCQB: PAWEF) has closed its previously announced private placement of 33,596,831 non-flow through (NFT) units at $0.075 per NFT unit and 1,055,556 flow-through (FT) units at a price of $0.09 per FT unit for aggregate gross proceeds of $2,614,762.
Palisade Global Investments Ltd., an offshore merchant bank and investment group, specializing in small cap, high growth investments, agreed to provide a lead order in the financing of $500,000, becoming one of the largest shareholders of the company.
Each NFT unit consists of one common share and one non-transferable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share 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 and one non-flow through non-transferable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share at an exercise price of $0.15 per share for a period of two years from closing, subject to an acceleration clause.
Proceeds will be used for continued exploration and development of flagship River Valley PGM project near Sudbury Ontario as well as its drill ready Lithium projects in Manitoba.
photo credit: New Age Metals