Newfield Resources Ltd (ASX:NWF) has raised $1 million in a private placement to sophisticated investors, issuing about 2.85 million shares at an issue price of 35 cents per share.
This placement is part of the rights offer and underwritten capital raising program, bringing the total amount raised under the capital raising programme to approximately $36.46 million.
The proceeds from the placement will be used to fund:
- continued development of the Tongo Diamond Project into production;
- additional working capital; and
- placement costs.
Placement summary
The placement is being made to sophisticated investors using the company’s 10% placement capacity pursuant to listing rule 7.1A.
Accordingly, shareholder approval will not be required for the issue of the shares which will rank equally with existing fully paid ordinary shares.
The issue price per share represents a 17.99% discount on the 15-day volume-weighted average price (VWAP).
The company now has a total of 764,929,295 shares on the issue following the placement