New Age Metals (TSXV: NAM) is raising C$3.5 million ($2.5 million) to fund exploration across its Canadian projects, with mining billionaire Eric Sprott committing more than half of that investment.
In total, the company will issue C$2.3 million in regular units and another C$1.2 million in flow-through units, priced at C$0.22 and C$0.26 each, respectively. The units all comprise one common share (in the case of the latter, flow-through shares) and one-half of a share purchase warrant. Under both unit categories, each whole warrant has an exercise price of C$0.40.
Sprott, currently its largest shareholder with a 23.2% holding, is expected to purchase C$2 million worth of units.
Shares of New Age Metals shot up by as much as 15% to a near 52-week high of C$0.32 on the news. By midday, the multi-commodity junior traded at C$0.30 apiece with a market…
