Central Asia Metals (LSE:CAML) now holds about 12.1% of New World Resources’ (ASX:NWC) issued capital following the close of an after-market purchase scheme.
The company purchased a total of 253.02 million shares in New World for a price of $0.062 per share, representing 7.1% of the issued capital at close on 26 June, before proposing a price increase to the cash consideration payable.
With the advisement, Central Asia Metals increased the value of shares from $0.55 to $0.62 per share under an improved scheme of consideration, which valued New World’s equity at around $230 million before bolstering Central Asia Metals’ issued capital.
The Improved Scheme of Consideration represents a premium of 121.4% to New World’s closing price of $0.028, and 142.7% to its 30-day volume weighted average price (VWAP) as of 20 May.
Both companies intend to execute separate deeds of variation to the scheme implementation deed, which will be announced once completed.
New World will run an off-market takeover bid in conjunction with this purchase.
Central Asia Metals is focused on the sustainable production of base metals essential for modern living with operations spanning Kazakhstan and North Macedonia.
New World Resources is an Australian explorer focused on developing mineral resources projects in North America.
Write to Maddison Elliott at Mining.com.au
Images: New World Resources
