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New Age Exploration Ltd

New Age Exploration substantial shareholder increases interest to 8.65%

Kairos Minerals has acquired another 26.5 million New Age shares valued at $172,000.

Australian currency
New Age is drilling at its flagship tin-tungsten project in the UK

New Age Exploration Limited (ASX:NAE) substantial shareholder Kairos Minerals Ltd (ASX:KAI) has demonstrated its confidence in the company’s tin and tungsten strategy through a further investment.

Kairos has increased its interest to 8.65% from 6.21% after acquiring almost 26.54 million shares valued at $172,500.

READ: New Age Exploration secures $227,500 investment from Kairos Minerals

A month ago Kairos became a substantial shareholder through investing $227,500 via the issue of 35 million shares at 0.65 cents per share and now owns almost 61.54 million shares.

New Age has recently boosted capital to advance drilling at the flagship Redmoor Tin-Tungsten Project in Cornwall, UK.

READ: New Age Exploration completes placement after issuing tranche two shares

The company has this week completed a $1.6 million two-tranche placement.

Managing director Gary Fietz said: “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 now funded its 50% share of the Redmoor 2018 phase I drilling program, which is estimated to cost £664,000

A second drill arrived at the project recently and the phase I program is progressing on schedule.

Drilling is targeted below the current resource where grades have shown a tendency to increase with depth.

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Market: ASX
Market Cap: $2.67 m
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