The takeover contest for New World Resources is heating up, with Kinterra Capital on Monday announcing its intention to increase its offer price for the copper project developer, matching the recently improved bid from Central Asia Metals (CAML).

In a supplementary bidder’s statement, Kinterra said it would lift its offer from A$0.057 a share to A$0.062 a share.

While the revised price is in line with CAML’s offer, Kinterra argued that its proposal was superior owing to fewer conditions. The CAML scheme is subject to regulatory, court, and shareholder approvals, whereas Kinterra’s offer is only conditional on no “prescribed occurrences” taking place before the close of the offer period.

Kinterra intends to launch its bid before July 10, contrasting with CAML’s scheme arrangement, which is not expected to be voted on until mid-September and, if successful, will only be implemented by October.

As New World's largest shareholder, with a 19.3% stake, Kinterra said it would not vote in favour of the CAML scheme. “This means there is a significant risk that the CAML scheme cannot proceed,” the company stated.

Kinterra also reaffirmed its willingness to engage with New World on interim funding, which the company has said is needed to meet earlier-than-expected bonding requirements at its Antler copper project in Arizona, in the US.

CAML has included a A$10-million funding package in its proposal, comprising the issue of 188.7-million shares at A$0.053 a share, to assist with those obligations. However, Kinterra highlighted that this placement was conditional on no competing proposal being received or, if one was received, the New World board not determining that it may lead to a superior offer.

On Friday, New World reportedly informed Kinterra in writing that its board, after consulting legal and financial advisers, had determined the Kinterra proposal to be a “competing proposal which may reasonably be expected to lead to a superior proposal”.

As a result, Kinterra said it expected the New World board to terminate the proposed placement to CAML.