New World Resources (NWC) has secured firm commitments to raise around A$20.4m ($13m) to further the development of its Antler Copper Project in Arizona, US.

This placement was executed at a share price of $0.036, marking an 18.2% discount on the company’s last stock close and a 17.5% discount on the 15-day volume weighted average trading price.

The joint lead managers and joint bookrunners for the placement, Petra Capital and Euroz Hartleys, have facilitated the issuance of a total of 567,123,010 shares.

The settlement for the placement is anticipated on 23 April 2024, with the shares expected to be allotted shortly thereafter on or around 24 April 2024.

Located 15km east of Yucca in north-western Arizona, the Antler Copper Project is recognised for its high-grade, polymetallic, volcanogenic massive-sulphide (VMS) composition, including copper, zinc, lead, silver and gold.

The mineralisation is evident at the surface over a 750m strike length and dips to the west-north-west at about 55 degrees.

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Historically, the Antler site saw intermittent production from 1916 to 1970, yielding approximately 70,000 tonnes of ore with notable grades of 2.9% copper, 6.9% zinc, 1.1% lead, 31 grams per tonne (g/t) silver, and 0.3g/t gold.

NWC managing director Mike Haynes noted that near-term work will include fast-tracking exploration drilling to continue to expand the resource base while advancing Antler to production.

He added that the placement proceeds will help accelerate the assessment of several recently defined high-priority exploration targets that have never been drill-tested.

Haynes said: “We are very pleased with the support received for the placement and welcome a number of highly credentialled Australian and offshore institutional investors to the register. On behalf of the Board, I would also like to thank our existing shareholders for their ongoing support.

“Funds raised from the placement will allow us to continue to advance our high-grade Antler Copper Project against the backdrop of a favourable outlook for the copper market.”