- New Age Metals (TSXV:NAM) is increasing its previously announced C$3.5 million private placement to C$4 million, reflecting an additional C$500,000 in flow-through units on offer
- New Age Metals is an explorer, developer and project generator focused on critical green metal projects in North America
- New Age Metals stock has added 293.75 per cent year-over-year
New Age Metals (TSXV:NAM) is increasing its previously announced C$3.5 million private placement to C$4 million, reflecting an additional C$500,000 in flow-through units on offer.
The flow-through portion is now set at C$1.7 million, with the non-flow-through transaction set at C$2.3 million.
Eric Sprott, one of Canada’s most successful mining investors, intends to subscribe for C$2 million, reinforcing his position as New Age Metals’ largest shareholder at a current 23.2 per cent.
Why does Eric Sprott have conviction in New Age Metals?
The company’s prospectivity is threefold, beginning with its platinum group elements division, which includes the 100-per-cent-owned, multi-million-ounce River Valley project near Sudbury, representing one of North America’s largest undeveloped platinum group element projects.
New Age’s attractiveness is reinforced by its lithium division, which boasts a farm-in/joint venture agreement with Mineral Resources Ltd., one of the world’s largest lithium producers, to explore one of the largest mineral claim portfolio’s in the Winnipeg River Pegmatite Field, a land package highly prospective for lithium, tantalum, rubidium and cesium. A minimum budget is in place through April 2026. Additionally, core sampling at New Age’s Bird River lithium properties is planned in 2025 funded by a Natural Sciences and Engineering Research Council of Canada Alliance grant.
The company rounds off its value proposition with its antimony and gold division, spanning more than 19,800 hectares across 11 properties in Newfoundland. Six of the properties reside along Canstar’s Swanger and Little River mineralized trends, while the remaining 5 are on geological trend with the past-producing Beaver Brook antimony mine and nearby to New Found Gold’s Queensway South gold project. Phase-2 exploration is currently underway.
New Age also owns a fully diluted 19.05 per cent stake in MetalQuest Mining, which is developing one of North America’s largest iron ore projects.
Financing details
Flow-through units are priced at C$0.26 and consist of one flow-through common share and one-half of one common share purchase warrant, while each warrant entitles the holder to purchase an additional share for C$0.40 up to 36 months after closing.
Excepting Friday’s new flow-through units, all units under the financing have been placed.
About New Age Metals
New Age Metals is an explorer, developer and project generator focused on critical green metal projects in North America, including platinum group elements, lithium, rare earth elements, gold and antimony.
New Age Metals stock (TSXV:NAM) is down by 1.56 per cent on the news trading at C$0.32 as of 9:45 am ET. The stock has added 293.75 per cent year-over-year.
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