- New World Resources (NWC) has received firm commitments to raise $10 million via a share placement
- All up, 200 million fully-paid shares will be issued to institutional, sophisticated and professional investors at 5 cents
- This price represents a 10.7 per cent discount to New World’s last closing price of 5.6 cents, and a 7 per cent discount to the five-day volume-weighted average price
- New World will use the funds from the placement to speed-up work programs at the Antler Copper Project in Arizona
- Company shares are up 7.14 per cent on the market, currently trading at 6 cents
New World Resources (NWC) has received firm commitments to raise $10 million via a share placement.
The company began the week in a trading halt but did not disclose how much it would be raising or what it will be using the funds for.
All up, 200 million new fully-paid ordinary shares will be issued to institutional, sophisticated and professional investors at 5 cents each.
This price represents a 10.7 per cent discount to New World’s last closing price of 5.6 cents, and a 7 per cent discount to the five-day volume-weighted average price.
Shares are expected to settle on December 8.
New World will use the funds from the placement to speed-up work programs at the Antler Copper Project in Arizona.
Drilling will target depth extensions of the high-grade mineralisation which remains open at depth, and the poorly explored strike extensions to the south of Antler.
One reverse circulation and two diamond rigs will be operating at the project throughout December and into 2021.
“During recent months we have continually discovered extensions of very thick, high-grade, copper mineralisation as we have drilled progressively deeper below the workings at the historical Antler Copper Mine,” Managing Director Mike Haynes said.
“With near-term production potential from a project located in a tier 1 jurisdiction, and approximately $12 million in cash at bank on completion of this placement, New World is now very well positioned to leverage from the strengthening copper price,” he added.
New World is up 7.14 per cent on the market with shares trading at 6 cents at 11:33 am AEDT.