Kairos is now a substantial holder in New Age, having 6.21% voting power.
New Age recently completed tranche 1 of its $1.6 million placement, raising $728,000 via the issue of shares at 0.65 cents per share.
The new funds will enable New Age to fund its share of the recently commenced 2018 Redmoor drilling program and to maintain its 50% shareholding in Cornwall Resources Limited.
New Age re-commenced drilling on site at the Redmoor Tin-Tungsten Project in Cornwall, UK on 22 June 2018.
The phase I drilling program is aimed at upgrading the Redmoor high-grade inferred resource of 4.5 million tonnes at 0.37% tungsten, 0.25% tin and 0.57% copper for a 1.0% tin equivalent grade.
Drilling will be targeted below the current resource where grades have shown a tendency to increase with depth.