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