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- New World Resources (NWC) has received firm commitments to raise $20 million via a share placement
- Funds raised are set to go towards accelerating development of the Antler Copper Project
- The two-tranche placement will involve the issue of 200 million new fully-paid ordinary shares at 10 cents each
- The issue price represents a 9.1 per cent discount to NWC’s last closing price and a 2.7 per cent discount to the five-day volume-weighted average price
- The first tranche will issue around 90 million shares and is expected to settle on May 11, 2021
- The second tranche will issue the balance of the shares, subject to shareholder approval
- Shares have dropped 9.1 per cent this morning, trading at 10 cents each
New World Resources (NWC) has received firm commitments to raise $20 million via a share placement.
Funds raised are set to go towards accelerating development of the Antler Copper Project where the company identified a significant exploration target last month.
The two-tranche placement to institutional, sophisticated and professional investors will see the company issue approximately 200 million new fully-paid ordinary shares at 10 cents each.
The issue price represents a 9.1 per cent discount to NWC’s last closing price and a
2.7 per cent discount to the five-day volume-weighted average price.
The first tranche involves the issue of approximately 90 million shares to raise approximately $9 million and is expected to settle on May 11, 2021.
Following this, subject to shareholder approval at an extraordinary general meeting expected to be held in mid-June, tranche two will result in the issue of the balance of shares, raising a further $11 million.
New World’s Managing Director, Mike Haynes, commented on the placement.
“The completion of this placement ensures we are fully-funded to expeditiously advance resource expansion drilling, mine permitting activities and feasibility studies, as we continue to work towards restarting operations at Antler as soon as practicable.”
Canaccord Genuity acted as Lead Manager and Bookrunner to the placement, while Petra Capital acted as Co-Manager.
Shares have dropped 9.1 per cent this morning, trading at 10 cents each at 10:21 am AEST.
