New Age Metals Announces an Increase of Private Placement to $4 Million with Participation from Eric Sprott

Core Viewpoint - New Age Metals Inc. has increased the size of its flow-through unit private placement from $1,200,000 to $1,700,000 due to strong investor demand [1][2]. Group 1: Private Placement Details - The flow-through unit (FT Unit) private placement will now raise up to $1,700,000, while the non-flow-through unit (NFT Unit) remains unchanged at $2.3 million [2]. - Each FT Unit will be issued at a price of $0.26, consisting of one common share and one-half of a common share purchase warrant, with the warrant allowing the purchase of one common share at an exercise price of $0.40 for up to 36 months [3]. - Mr. Eric Sprott, the largest shareholder owning 23.2% of the company, intends to subscribe for $2,000,000 of the private placement [2]. Group 2: Use of Proceeds - Proceeds from the FT Units will be allocated for exploration and development of the company's projects located in Newfoundland, Ontario, or Manitoba, while proceeds from the NFT Units will be used for exploration and general working capital [4]. Group 3: Regulatory and Compliance - All securities issued in connection with the private placement will be subject to a hold period of four months plus one day from the date of issuance, and the closing is conditional upon receiving approval from the TSX Venture Exchange [5].