EDITOR: | April 27th, 2017

New Age Metals Inc. Closes Private Placement Raising Over $2,600,000

| April 27, 2017 | No Comments
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April 27, 2017 (Source) — New Age Metals Inc. (“NAM” and the “Company”) (TSX.V: NAM; OTCQB: PAWEF) announces that further to its news releases dated April 3, & 11, 2017, the Company has closed its private placement raising an aggregate $2,614,762 by way of combined non-flow-through (“NFT”) and flow-through (“FT”) units.

The Company has issued 33,596,831 non-flow through units and 1,055,556 flow-through units. Each NFT unit consists of one common share at a price of $0.075 per NFT unit and 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 five years from closing, subject to an acceleration clause. Each FT unit will consist of one common share at a price of $0.09 per FT unit and one non-flow through 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 two years 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 securities issued in connection with this financing are subject to a four month and a day hold period in accordance with applicable Canadian Securities Laws.

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.

Finder’s fees were paid in connection with the private placement in the amount of $53,730.75 in cash and 758,410 broker warrants. The broker warrants are on the same terms as the financing warrants.

All securities issued in connection with the private placement are subject to a four month and a day hold period expiring on August 28, 2017 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 Barr”

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.


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