- New World Resources (NWC) places its shares in a trading halt pending the release of a capital raising announcement
- NWC is yet to disclose how much it intends to raise or what it will use the funds for once received
- New World is currently focused on completing a mine design and updated scoping study for its Antler copper deposit following the Arizona-based deposit’s recently updated mineral resource estimate
- The company will remain in the halt until the earlier of Monday, December 12, or when the announcement is released
- NWC shares were halted at 3.4 cents on December 8
New World Resources (NWC) has placed its shares in a trading halt pending the release of a capital raising announcement.
The company will remain in the halt until the earlier of Monday, December 12, or when the announcement is released.
NWC is yet to disclose how much it intends to raise or what it will use the funds for once received.
In November, New World reported a 48 per cent increase in the mineral resource estimate (MRE) at its Antler copper deposit in Arizona.
The Arizona-based project’s MRE now stands at 11.4 million tonnes at 4.1 per cent copper equivalent, using a one per cent copper equivalent cut-off.
Importantly, 79 per cent of the updated MRE has now been classified in the higher-confidence ‘Indicated’ category, which the company said demonstrated the “robust nature” of the Antler deposit.
Following the completion of the MRE, the company is now completing a new mine design and will update a previous scoping study which it expects will be delivered in the first quarter of 2023.
NWC shares were halted at 3.4 cents on December 8.