Australia's New World Resources hits two-week low on discounted placement

New World Resources

06/03/2025 23:50

** Shares of Australia's New World Resources NWC.AX fall as much as 4.6% to A$0.021, their lowest level since February 19

** Stock down nearly 8% for the week as of 2340 GMT, set to snap its five straight weeks of gains

** The mineral explorer announces A$14.0 million ($8.87 million) placement at an issue price of A$0.020 per share

** Issue price represents a discount of 9.1% to stock's last closing

** Proceeds from the placement to allow New World to advance the Antler Copper Project towards positive final investment decision — NWC

** Stock has risen 16.7% this year, as of 2340 GMT

($1 = 1.5790 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)

 ((Roshan.Thomas@thomsonreuters.com))