Australia's New World Resources falls on discounted placement

New World Resources

29/07/2022 05:09

** Shares of Australia-based mineral explorer New World
Resources  NWC.AX  fall as much as 17.9% to A$0.032, their
lowest since July 18
    ** Co says received firm commitments to raise A$8 million
($5.60 million)  urn:newsml:reuters.com:*:nASX9kcm42
    ** Says placement to issue about 250 mln new fully-paid
ordinary shares at A$0.032 per share
    ** Issue price represents a discount of about 18% to last
close on July 26 before co went on a trading halt
    ** Says placement to advance co's Antler copper project in
Arizona towards production      
    ** Stock posts its biggest intraday pct fall since June 14
    ** More than 14.6 mln shares change hands, vs the 30-day
average volume of 5.4 mln shares
    ** Stock down 45.1% this year, as of last close

($1 = 1.4288 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((rishav.chatterjee@thomsonreuters.com;))