Newfield Resources Ltd (ASX:NWF) has taken its capital raising program total to approximately $37.47 million after issuing 2,898,572 fully paid ordinary placement shares at $0.35 per share to raise about $1.014 million.
This placement is part of a rights offer and final settlement of underwritten capital raising program announced on September 13, 2021, and December 24, 2021, respectively.
The placement was made to sophisticated investors using the company’s 10% placement capacity pursuant to Listing Rule 7.1A and the issue price per share represents a 9.88% discount to the 15-day VWAP.
Use of funds
Newfield will use placement proceeds to fund:
- Continued development of the Tongo Diamond Project in Sierra Leone into production.
- Additional working capital.
- Placement costs.
Following the placement, the company now has a total of 767,827,867 shares on issue.