Toronto, Ontario--(Newsfile Corp. - February 3, 2020) - Eric Sprott announces that, today, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired ownership of 14,000,000 units of New Age Metals Inc., pursuant to a private placement, at a price of $0.05 per share for aggregate consideration of $700,000. Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at an exercise price of $0.10 per share for a period of two years.
Mr. Sprott now beneficially owns and controls 14,000,000 common shares and 14,000,000 common share purchase warrants of New Age Metals (representing approximately 10.2% of the outstanding shares on a non diluted basis and approximately 18.6% on a partially diluted basis). Prior to the acquisition, Mr. Sprott did not beneficially own or control any shares of New Age Metals Inc.
The units were acquired by Mr. Sprott, through 2176423 Ontario for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of New Age Metals including on the open market or through private acquisitions or sell securities of New Age Metals including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
New Age Metals is located at Suite 101-2148 West 38th Avenue, Vancouver, BC V6M 1R9. A copy of 2176423 Ontario's early warning report will appear on New Age Metals profile on SEDAR at www.sedar.com and may also be obtained by calling Mr. Sprott's office (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52058