Newfield announces entitlement offer to raise funds for Sierra Leone mine
ASX-listed Newfield Resources is offering eligible shareholders the opportunity to participate in a pro rata non-renounceable entitlement offer of up to about 117.6-million fully paid ordinary shares in the company to raise about $17.6-million before costs.
The entitlement offer will comprise of a two for 15 non-renounceable entitlement offer at $0.15 a share.
Every two new shares acquired under the entitlement offer will be accompanied by one attaching option exercisable at $0.25.
Partial underwriting has been secured for about $7.8-million from hedge fund Truth Wealth Management.
Proceeds from the entitlement offer will support ongoing mine development and production ramp-up at the high-grade Tongo diamond mine, in Sierra Leone.
“We are pleased to offer eligible shareholders the opportunity to participate in this capital raising, which will help progress the ongoing development and production at the Tongo diamond mine over the next six months as we work towards concluding the proposed debt financing arrangements with the Africa Finance Corporation.
“The funds . . . will enable the company to continue a number of development workstreams that will lead to increased production and processing capacity of the Tongo diamond mine. In addition, we plan to conduct detailed mine planning, scheduling and budgeting of the Tongo Dyke-1 resource with a view to bringing the deposit into the future mine plan,” Newfield executive director Karl Smithson says.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation