- New Age Exploration (NAE) has expanded its Pilbara footprint, following a tenement package purchase
- The company purchased four tenements from Monterey Minerals under an asset purchase
- The land is located 50 kilometres from De Grey Mining’s Hemi gold discovery
- Additionally, the company plans on purchasing a further four exploration licences from Monterey
- New Age has received commitments to raise over $2 million through a placement
- Funds from the placement will be used for exploration in the Pilbara and New Zealand
- On the market today, New Age is up 25 per cent and is trading for 1.5 cents per share
New Age Exploration (NAE) expands its WA footprint after purchasing four tenements in the Central Pilbara.
The tenement package was purchased from Monterey Minerals and is located 50 kilometres south of De Grey Mining’s (DEG) Hemi gold discovery.
The new tenements will expand New Age’s total ground holding in the region to 1863 squared kilometres
New Age is planning to explore the new land immediately.
Executive Director, Joshua Wellisch, said the purchase of the tenements is an important step for New Age as it creates a substantial footprint in this region.
“The new tenure is granted and allows for immediate commencement of on-ground exploration, which is funded as part of the company’s broader exploration program,” Wellisch said.
“The ongoing exploration success by neighbouring De Grey Mining, following the discovery of the new style ‘Hemi’ deposit, continues to highlight the broader gold potential of the region,” he said.
The company purchased the tenements through an asset purchase. Under this agreement, New Age will issue 25 million shares to Monterey.
Additionally, the company has entered into an option and asset sale agreement to purchase a further four exploration licences from Monterey. For these, New Age will issue 75 million shares and 37.5 million unlisted options at a price of 2 cents each.
The Placement
New Age has received commitments to raise approximately $2.18 million. Under the placement, the company will issue over 273 million shares for 0.8 cents per share to sophisticated and professional investors.
In this placement, New Age Directors have committed up to $616,000 in the offer.
Funds raised will be used for exploration of the company’s Pilbara and New Zealand projects, as well as working capital and to pay for the costs of the offer.
Director Resignation
Director, Stephen Layton has resigned due to other business commitments. He played a pivotal role in New Age’s transition, as both a director and shareholder.
“His contributions are much appreciated and the board wishes him all the best with his future endeavours,” the company said.
On the market today, New Age is up 25 per cent and is trading for 1.5 cents per share at 12:30 pm AEST.