Funds raised under the placement will be allocated towards the development of the New Age’s existing projects, seek new opportunities and working capital.
Earlier this month, the company updated the high grade inferred resource at its Redmoor Tin-Tungsten Project in the UK to 11.7 million tonnes at 1.17% tin equivalent.
Impressively, Redmoor now ranks as the second-highest grade undeveloped tin or tungsten mineral resource in the world on a grade basis.
Furthermore, on a contained metal basis, the Redmoor resource now ranks as the largest undeveloped tin or tungsten underground mining project in the world.
New Age expects subscription funds to be received and shares issued under the share placement by mid next week.
CPS Capital have elected to take its 6% broker fees payable under the mandate in shares, at the placement price of 0.55 cents per share.