New World raises funds for Arizona exploration
PERTH (miningweekly.com) – Junior New World Resources will raise A$8-million in a share placement to fund work at its Antler copper project, in Arizona.
The ASX-listed company on Friday said that it had received firm commitments from a range of institutional, sophisticated and professional investors for the placement of 250-million new shares at a price of 3.2c each.
The placement will be done in a single tranche under New World’s existing placement capacity, with the shares to settle on August 4.
The company will also be seeking shareholder approval for the directors to invest up to A$160 000 by purchasing five-million shares at 3.2c each.
“We are very pleased to have received such strong support for the placement which will be used to continue to advance the brownfields Antler copper project towards production while at the same time progressing an expansive exploration campaign aimed at pursuing the considerable opportunities we have identified to expand the high-grade mineral resource base,” said New World MD Mike Haynes.
“The project’s economics already look very robust. But with a larger resource base, which we think we can realise by testing both depth and strike extensions of the high-grade mineralisation, we are confident we can further enhance the economics.
“An initial component of the redevelopment programme, as part of the prefeasibility study, will be to update the Joint Ore Reserves Committee-compliant mineral resource later this quarter once additional assay results are returned from our ongoing extensional drilling programme,” said Haynes.
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