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New Age Exploration completes placement after issuing tranche two shares

The 2018 phase I drilling program commenced in June at the Redmoor Tin Tungsten Project.
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A study has ranked tin #1 and tungsten #7 as metals affected by new technology

New Age Exploration Ltd (ASX:NAE) has completed its $1.6 million two-tranche placement after issuing the second tranche of placement shares.

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.”

READ: New Age Exploration Redmoor project supported by strong tin and tungsten outlook

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.

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