PERTH (miningweekly.com) – Junior New World Resources has received firm commitments to raise A$3.5-million to fund resource and development studies at its Antler copper project, in Arizona.
The company will issue 129.6-million shares at a price of 2.7c each under its existing placement capacity, with the issue price representing a 10% discount to New World’s last trading price.
The ASX-listed company on Friday said that the proceeds from the placement will be used primarily to fund ongoing exploration and development work at the Antler project, where the immediate objective is to delineate an initial Joint Ore Reserves Committee mineral resource estimate and to evaluate the potential of bringing the project back into production.
Between 1916 and 1970, the project produced some 70 000 t of ore intermittently.