Eric Sprott to invest in green metals firm New Age Metals
(Kitco News) - New Age Metals (TSXV:NAM) (OTC:NMTLF) announced Friday that it has received subscriptions for a non-brokered private placement of 31,562,500 units of securities of the company at a purchase price of $0.16 per unit for aggregate gross proceeds of $5,050,000.
According to the company's statement, Eric Sprott has subscribed for 31,250,000 of the Units ($5,000,000 of the private placement).
The company intends to use the net proceeds from the sale of units towards its exploration and development work on its projects. The primary use of proceeds from this financing will be for the completion of a prefeasibility study and additional exploration for the company's flagship River Valley platinum group metals (PGM) project, one of North America's largest undeveloped primary palladium projects, and for general corporate and working capital purposes.
Chairman & CEO Harry Barr stated, "We are extremely pleased with Mr. Sprott's strong support of the company. His investment is expected to expedite the company's plan to development at our flagship River Valley PGM project and will allow us to become more aggressive in developing the balance of our green metal project portfolio."
New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration and development of green metal projects in North America. The company has two divisions; a PGM division and a Lithium/Rare Element division.