Australia's New World Resources jumps on securing funding from U.S.-based PE fund

New World Resources

31/07/2023 02:13

** Shares of Australia's New World Resources  NWC.AX  rise
as much as 15% to A$0.035, posting their biggest intraday pct
gain since June 30
    ** Stock hits its highest level since July 6  
    ** Copper explorer says RCF Opportunities Fund II L.P.
entered into binding agreement to make A$5 mln ($3.33 mln)
equity investment in co 
    ** Says RCF Opportunities II L.P. is a fund managed by U.S.
private equity firm RCF Management L.L.C
    ** Adds co continues to advance discussions with multiple
other potential strategic investors regarding additional funding
    ** Stock down 11.8% this year, as of last close

($1 = 1.5008 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))