April 3rd 2017 Vancouver, Canada – New Age Metals Inc. (TSXV: NAM; OTCQB: PAWEF; FSE: P7J.F) announces that it intends to complete a non-brokered private placement of up to a combined 20,000,000 units of the Company at a price of $0.075 per Unit of the Company for gross proceeds of up to $1,500,000. Each Unit will consist of one common share and one share purchase warrant, where each warrant entitles the holder to purchase one additional common share at a purchase price of $0.15 for a period of 5 years from the date of closing, subject to the acceptance of the TSX Venture Exchange.
Lead Order from Palisade Global Investments
NAM is pleased to announce that Palisade Global Investments Ltd. (“Palisade”) will provide a lead order in the financing of $500,000 and as a result will become one of the largest shareholders of the company. Palisade is an offshore merchant bank and investment group, specializing in small cap, high growth investments.
Sean Zubick, Co-founder and COO, Palisade Global Investments Ltd., stated, “We believe that New Age Metals’ River Valley Platinum and Palladium Project represents North America’s preeminent undeveloped PGM asset. Today is one of the rare windows in time when platinum trades are at a discount to gold, and we believe that window will inevitably close. The company’s recent name change and restructuring, along with the hiring of Trevor Richardson as President & COO has provided us with a high level of confidence in the company’s future trajectory.”
“We are pleased to welcome Palisade Global Investments. We have developed a strong relationship with the group and look forward to building that ongoing relationship and working closely with Palisade Global Investments. The NAM team plans to continue its 2017 technical program to increase the resource around the newly discovered Pine Zone area on the River Valley PGM project. We want to develop the River Valley project as Canada’s next primary PGM producer. Our company is sitting on one of the largest undeveloped primary PGM resource in North America with 2.5 M oz PGM in Measured Plus Indicated mineral resources.” stated Trevor Richardson, President & COO, New Age Metals.
Warrant and Accelerator Clause
The Warrants are subject to an acceleration clause. If the closing price of the Company’s shares on the TSX Venture Exchange 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 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.
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.