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News Release – Rockport, Ontario – February 26, 2021 – New Age Metals Inc. (TSXV: NAM) (OTCQB: NMTLF) (FSE: P7J) (“NAM” or the “Company“), is pleased to announce that, due to strong investor demand, it has increased its previously announced non-brokered private placement offering (the “Private Placement”) to up to $5,250,000, consisting of: (i) up to $3,500,000 in units of the Company (the “Units”) at a price of $0.16 per Unit and (ii) up to $1,750,000 in flow-through units of the Company (the “FT Units”) at a price of $0.20 per FT Unit.
Each Unit shall be comprised of one common share (a “Common Share“) of the Company and one-half of one Common Share purchase warrant of the Company (each whole warrant, a “Warrant“). Each Warrant shall entitle the holder thereof to purchase one additional Common Share at an exercise price equal to $0.20 at any time up to 24 months from closing of the Private Placement.
Each FT Unit will consist of one common share of the Company that will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (“FT Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “FT Unit Warrant”). Each FT Unit Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price equal to $0.25 at any time up to 24 months closing of the Private Placement.
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 Prefeasibility Study 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. The Company intends to use the net proceeds from the sale of FT Units towards its exploration work on both the Company’s PGM and Lithium divisions. This will include a maiden drill program on the Company’s Lithium Two Project in Manitoba and continued drilling at River Valley.
The Common Shares, the Common Shares issuable upon exercise of the Warrants and FT Unit Warrants, and the Warrants and FT Unit Warrants underlying the Units to be issued under the Offering will have a hold period of four months and one day closing of the Private Placement.
In connection with the Private Placement, the Company has appointed Mackie Research Capital Corporation and IBK Capital Corporation as finders and the Company may pay a finder’s fee in cash and/or finder’s warrants to the finders in connection with the sale of Units and FT Units in accordance with the policies of the TSX Venture Exchange.
The issuance of the Units and FT Units, and payment of the finder’s fee is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
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.
The PGM Division includes the 100% owned, multi-million-ounce, district scale River Valley Project, one of North America’s largest undeveloped Platinum Group Metals Projects, situated 100 km from Sudbury, Ontario. The Company has recently completed a Preliminary Economic Assessment on the project and subject to financing, plans are to complete a Prefeasibility Study by the end of the first quarter of 2022. In Alaska, the Company owns 100% of the Genesis PGM-Cu-Ni Project.
The Lithium Division is one of the largest mineral claim holders in the Winnipeg River Pegmatite Field, where the Company is exploring for hard rock lithium and various rare elements such as tantalum and rubidium. 2021 plans include drone geophysics on three of the Company’s seven projects and a drill program on the Company’s Lithium Two Project
Our philosophy is to be a project generator with the objective of optioning our projects with major and junior mining companies through to production. The Company is actively seeking an option/ joint venture partner for its road-accessible Genesis PGM-Cu-Ni project in Alaska and for all or part of our Lithium Division in Manitoba.
Investors are invited to visit the New Age Metals website at www.newagemetals.com where they can review the company and its corporate activities. Any questions or comments can be directed to firstname.lastname@example.org or Harry Barr at Hbarr@newagemetals.com or Cody Hunt at Codyh@newagemetals.com or call 613 659 2773.
If you have not done so already, we encourage you to sign up on our website (www.newagemetals.com) to receive our updated news.
On behalf of the Board of Directors
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.