December 21, 2017 Vancouver, Canada – New Age Metals Inc. (“NAM” and the “Company”) (TSX.V: NAM; OTCQB: PAWEF) announces that further to its news releases dated December 15, 2017, the Company has closed its private placement raising an aggregate $350,000 by way of combined non-flow-through (“NFT”) and flow-through (“FT”) units.
The Company has issued 883,333 non-flow through units and 3,783,334 flow-through units. Both NFT and FT unit consisted of one common share at a price of $0.075 per Unit and one half of one non-transferable share purchase warrant (“Warrant”). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.15 per share for a period of 18 months from closing, subject to an acceleration clause.
All Warrants issued in connection with this financing are subject to an acceleration clause. If the closing price of the Company’s shares 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 (Press release 2017-12-15).
Finder’s fees were paid in connection with the private placement in the amount of $19,159.18 in cash.
All securities issued in connection with the private placement are subject to a four month and a day hold period expiring on April 22, 2018 in accordance with applicable Canadian Securities Laws. Completion of the private placement and any finder’s fees payable are subject to regulatory approval.
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.