New Century completes IGO placement
PERTH (miningweekly.com) – ASX-listed New Century Resources has completed a A$23.77-million share placement to fellow listed Independence Group, giving the metals miner an 18.4% stake in the company.
The placement of 158.5-million shares, at a price of 15c each, formed part of a larger A$51.1-million capital raise for New Century, which will also see Independence take up a further A$3.225-million worth of New Century shares under an entitlement offer.
The entitlement offer will raise a combined A$27.3-million.
Funds raised by New Century would be used for working capital as the company ramps up its namesake zinc operation, in Queensland, to its 12-million-tonne-a-year nameplate capacity.
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