New World raises A$14m for Antler copper project
ASX-listed New World Resources has secured firm commitments for a A$14-million institutional placement to accelerate development at its Antler copper project in Arizona, US.
The placement, issued at A$0.020 a share, will see approximately 700-million new fully paid ordinary shares issued to institutional, professional, and sophisticated investors, including key North American cornerstone investors.
Proceeds from the placement, along with existing cash reserves, will be used to progress Antler towards a final investment decision. Specifically, funds will support the definitive feasibility study (DFS), permitting and approvals, exploration activities, corporate financing initiatives, and working capital.
New World MD Nick Woolrych said the strong response from investors demonstrated confidence in the company's development strategy and the growing recognition of Antler as one of the highest-grade copper assets in the US.
"Our development strategy is unfolding against the backdrop of a strengthening copper market and a growing recognition of the importance of domestic critical minerals supply in the US. The planets are aligning for New World, and we are looking forward to completing our permitting, delivering a DFS, and commencing development," Woolrych said.
Further, the company’s board of directors and senior management have committed to subscribe for approximately A$640 000 under a second tranche, subject to shareholder approval at an extraordinary general meeting expected in April 2025.
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