New Age Metals increases placement to $4-million

Executive Summary

• New Age Metals Inc. increased its flow‑through unit (FT) private placement from $1.2 M to $1.7 M, bringing total targeted financing to $4.0 M.
• Investor Eric Sprott committed to subscribe for $2 M of the FT units, representing a significant portion of the raise.
• Proceeds will be used for exploration and development on projects in Newfoundland, Ontario, and Manitoba, as well as general working capital.

Key Details

• Original financing plan (Sept 25, 2025): FT unit raise up to $1.2 M; non‑flow‑through (NFT) unit raise $2.3 M.
• Revised financing plan: FT unit raise increased to $1.7 M; NFT unit unchanged at $2.3 M – total potential proceeds $4.0 M.
• Eric Sprott commitment: Intent to subscribe for $2 M of the FT units (largest shareholder, 23.2% ownership).
• FT unit pricing and composition: CAD 0.26 per FT unit; each unit = 1 common share (flow‑through) + ½ warrant.
• Warrant terms (FT units): One whole warrant per FT unit, exercisable at CAD 0.40 per share, valid for up to 36 months from closing.
• Finder’s fee: May be paid in cash and/or non‑transferable warrants; finder warrants allow purchase of one common share at CAD 0.26 for 36 months.
• Use of proceeds: Exploration and development on New Age Metals’ projects in Newfoundland, Ontario, Manitoba; also general working capital.
• Holding period: All securities issued subject to a four‑month plus one‑day hold period from issuance date.
• Closing conditions: Subject to conditional approval by the TSX Venture Exchange and other regulatory approvals.

Notable Quotes

(No direct quotes were provided in the release.)