The second tranche of shares required shareholder approval which was received at the extraordinary general meeting (EGM) held recently.
New Age’s managing director Gary Fietz said: “The successful completion of this $1.6 million placement marks an important milestone for the company, allowing it to continue to fund this year’s drilling program at Redmoor.”
New Age has funded its 50% share (£332,000) of the £664,000 Redmoor 2018 phase I drilling program.
The second drill arrived at Redmoor recently and the phase I program is progressing on schedule.
The company had $1.24 million in cash at 31 July 2018, which will be applied to advancing the company’s projects and to working capital.