New World Resources (ASX:NWC) is conducting a placement to raise $14 million to advance the Antler Copper Project in the US towards a positive final investment decision.
Under the placement, 700 million shares will be issued at $0.020 which represents a 9.1% discount to the last closing price of $0.0220.
Canaccord Genuity is acting as sole lead manager and bookrunner to the placement. Taylor Collison is acting as co-manager to the placement, while Agentis Capital Mining Partners is acting as North American Capital Markets Advisor to the company.
New World, which has a market capitalisation of $62.5 million, says the funds will be used to progress a Definitive Feasibility Study for the Antler Project, secure federal and state permits and approvals, as well as exploration and site activities.
The funds will also be used to progress corporate and financing initiatives, as well as general working capital.
Managing Director Nick Woolrych says the response to the capital raising reflects the growing recognition that the company has a development pathway ahead to advance its copper asset into production.
“Our development strategy is unfolding against the backdrop of a strengthening copper market, a robust outlook for copper and critical minerals generally, and a growing recognition of the vital importance of developing new sources of domestic critical mineral supply in the US,” Woolrych says.
“The planets are aligning for New World and we are looking forward to completing our permitting, delivering a DFS and commencing development of one of the most exciting new copper assets.”
The Antler Project, located 15km east of Yucca in northwestern Arizona, US, is considered prospective for polymetallic, volcanogenic massive-sulphide copper-zinc-lead-silver-gold deposits.
Write to Aaliyah Rogan at Mining.com.au
Images: New World Resources
