New Age Exploration (ASX:NAE) secured firm commitments to raise AU$1.6 million via a share placement, according to a Thursday filing with the Australian bourse.
The capital raise comprises the issue of 400 million fully paid ordinary shares at AU$0.004 apiece, representing a 20% discount to the company's last traded price on Feb. 28, per the filing.
For every four new shares issued, investors will receive 1 free attaching option, exercisable at AU$0.012 and expiring on Dec. 21, 2026.
Proceeds are earmarked for ongoing exploration activities at the Wagyu gold project in Western Australia. A follow-up reverse circulation drilling program will start in March, with additional air core drilling planned for the second quarter, the filing stated.
New Age Exploration's shares plunged 20% in late morning trade on Thursday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.