New Age closes $933,399 second tranche of placement

Executive Summary

• New Age Metals Inc. closed a second tranche of its non‑brokered private placement, raising $933,399.36 by issuing 3,068,846 flow‑through units at C$0.26 and 615,906 non‑flow‑through units at C$0.22.
• The total proceeds from both tranches now amount to $3,383,399.56, with the first tranche funded primarily by investor Eric Sprott ($2 M for 9,090,910 units), who remains the company’s largest shareholder (~37 % ownership).
• Proceeds will be allocated to exploration and development of projects in Newfoundland, Ontario and Manitoba (FT proceeds) and to general working capital (NFT proceeds).

Key Details

• Units Issued – Second Tranche:
• 3,068,846 flow‑through (FT) units @ C$0.26 each → $797,500.00 gross.
• 615,906 non‑flow‑through (NFT) units @ C$0.22 each → $135,899.36 gross.
• Aggregate Financing: First tranche ($2 M) + second tranche ($933,399.36) = $3,383,399.56 total proceeds.
• Investor Participation – First Tranche: Eric Sprott subscribed for 9,090,910 units totaling $2 M, maintaining ~37.4 % partially diluted ownership pre‑second tranche.
• Unit Structure:
• Each FT unit = one flow‑through common share + ½ of a warrant (full warrant = right to purchase one additional common share at C$0.40 for three years).
• Each NFT unit = one common share + ½ of a warrant (same exercise price and term as FT warrants).
• Finder’s Fees: Cash fee of $45,594.99 plus 172,902 non‑transferable finder warrants exercisable at C$0.26 for three years.
• Insider Participation: Insiders purchased 431,817 NFT units, qualifying as a related‑party transaction under MI 61‑101; exemptions applied because the fair market value did not exceed 25 % of market cap.
• Regulatory Conditions: All securities subject to TSX Venture Exchange approval; FT units carry a four‑month‑and‑a‑day hold period expiring 2026‑02‑11.
• Use of Proceeds:
• FT proceeds → exploration and development of projects in Newfoundland, Ontario, Manitoba.
• NFT proceeds → exploration activities and general working capital.
• Operational Highlights Mentioned (Contextual):
• River Valley PGM project (Sudbury) – flagship asset with a 2023 Preliminary Economic Assessment.
• Palladium price up ~65 % and platinum ~80 % over the past six months.
• Phase 2 of Newfoundland gold‑antimony field program underway; Phase 1 grab sample returned 15.2 % Sb from Antimony Ridge.
• Awaiting assay results for Genesis PGM‑Cu‑Ni project in Alaska; budgeting for Phase 2 ongoing.
• Long‑standing option agreement with Mineral Resources Ltd. (lithium division) and 12.7 % ownership of MetalQuest Mining.

Notable Quotes

No direct quotes were provided in the release.