- Junior explorer New Age Exploration (NAE) has called a trading halt today as it gets ready to tap investors for some fresh funding
- The details of the raise are slated to be announced on Tuesday, May 11, at which point the trading halt will be lifted
- New of the capital raise comes just one day after New Age told shareholders it has completed an aeromagnetic survey at its Bullock Well Gold Project in WA
- The company plans to follow up on some key gold targets identified in this survey with surface sampling before it begins an aircore drilling program
- Taking a look at New Age’s most recent financial report, the company had just under $3.5 million worth of cash at the end of March
- Shares in New Age Exploration last traded for 1.8 cents each yesterday afternoon
Junior explorer New Age Exploration (NAE) has called a trading halt today as it gets ready to tap investors for some fresh funding.
The details of the capital raise — like how much the company plans to raise and what the cash will fund — have not yet been announced.
At this stage, New Age shares will remain in a trading halt until Tuesday, May 11, unless the company decides to release the details of the cap raise before then.
The capital raise news comes just one day after New Age told shareholders it has completed an aeromagnetic survey over the Bullock Well Gold Project, which is part of the wider Quartz Hill Gold Project in WA’s Pilbara region.
New Age said it found multiple intrusive and shear-hosted gold targets from the airborne program, which was taken on by MagSpec Airborne Surveys.
The company now plans to follow up on these targets with some surface sampling work before kicking off an aircore drilling program in the area.
Taking a look at New Age’s most recent financial report, the company had just under $3.5 million worth of available cash in the bank at the end of March, after net cash outflows of $267,000 over the March quarter.
At this level of spending, this gives New Age over three years left of funding in the bank.
As such, whether the capital raise announced today will simply be used to fund a more aggressive exploration strategy, or whether something bigger is in the works for New Age Exploration, it still unknown.
Shares in New Age Exploration last traded for 1.8 cents each yesterday afternoon. The company has a $20.85 million market cap.