Proactive Investors - Run By Investors For Investors

New Age Exploration secures funding for tin tungsten project

By funding the upcoming drilling program, the company maintains its 50% project equity.
highway sign reading 'funding, next exit'
Positively, the placement's lead manager has elected to take its fees in shares

New Age Exploration Ltd (ASX:NAE) has secured $1.6 million in commitments for a two-tranche share placement priced at 0.65 cents per share.

The funding will go towards the company’s flagship 50% owned Redmoor Tin-Tungsten Project in Cornwall, UK.

Specifically, the money raised will go towards paying the company’s 50% share of the Redmoor 2018 phase I drilling program amounting to £332,000.

New Age’s managing director Gary Fietz said: “We are delighted by the strong interest in the placement and the funds raised will initially be applied to drilling about to commence at Redmoor aimed at extending the high-grade resource, directly below the current resource where grades have shown a tendency to increase with depth based on results to date.”

Lead manager elects to take fee in shares

In a show of confidence for the company, the placement’s lead manager CPS Capital has elected to take their broker fee payable only in shares at the placement price.

The shares will be issued on completion of the placement subject to shareholder approval. 

Fietz added: “CPS Capital’s request to take their broker fee only in shares demonstrates their support of the Company and their positive view on the value of our projects and we look forward to the continued relationship with CPS Capital going forward.”

READ: New Age Exploration to recommence drilling to expand high-grade tin-tungsten resource

The planned 5,000-10,000-metre program is due to an encouraging economic evaluation based on recently completed mining, processing and surface infrastructure studies.

Drilling is aimed at extending the high-grade resource in order to increase the life of a potential mining operation and consequently its economic value.

View full NAE profile View Profile

New Age Exploration Ltd Timeline

Related Articles

Workers inspect core at Gubong
March 04 2019
The company gained another substantial holder last week to end the trading week up 6.25% on the Australian market.
A drill rig at the Australian Vanadium project in WA
April 15 2019
A revised resource model is on the agenda for the US$616 million The Australian Vanadium Project.
November 24 2018
Freeport can earn into the two licences, which are within the southern portion of the Timok Magmatic complex

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use