Newfield Resources Ltd (ASX:NWF) has issued 2,857,143 fully paid ordinary shares at an issue price of $0.35 per share to raise $1 million in a placement.
The placement is part of the rights offer and underwritten capital raising program announced on September 13 and December 24, 2021, and brings the total raised under the capital raising program to around $33.24 million.
The placement is being made to sophisticated investors using the company’s 10% placement capacity. Shareholder approval will not be required for the issue of the shares, which will rank equally with existing fully paid ordinary shares.
Discount on 15-day VWAP
The issue price per share represents a 10.85% discount on the 15-day volume-weighted average price (VWAP).
Proceeds will go into the war chest for the continued development of the Tongo Diamond Project in Sierra Leone toward production, with some allocated for working capital and placement costs.
The company now has a total of 748,469,129 shares on issue.
About Newfield Resources
Newfield Resources is a growing diamond exploration and development company. In early 2018, the company acquired Stellar Diamonds plc, a company listed on the London Stock Exchange.
The projects consolidated by the acquisition are found in the major diamond-producing countries of Sierra Leone and Liberia.
The company’s flagship asset is the high-grade Tongo Mine Development in the eastern region of Sierra Leone. It combines kimberlite dyke hosted diamond resources on two adjacent mining licences that cover more than 134 square kilometres and host 11 known kimberlites.