PERTH (miningweekly.com) – Junior New World Resources will raise A$10-million to accelerate drilling at its Antler copper project, in Arizona.
The ASX-listed company on Wednesday noted that 200-million new fully paid ordinary shares would be placed to institutional, sophisticated and professional investors at a price of 5c each under the company’s existing placement capacity.
The offer price represents a 10.7% discount to New World’s last closing price and a 7% discount to its five-day volume weighted average share price.
Funds raised will be used to accelerate work programmes at the Antler copper project, where New World is working to restart mining operations which were halted in 1970.
“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. The high grades reported stand out from our peers’, and this has attracted the attention of the investment community," said MD Mike Haynes.
“With near-term production potential from a project located in a tier 1 jurisdiction, and approximately A$12-million cash at bank on completion of this placement, New World is now very well positioned to leverage from the strengthening copper price.”