By Devika Patel
Knoxville, Tenn., Sept. 28 - New World Resource Corp. said it completed a C$3.1 million private placement of units. The deal priced for C$2.7 million Sept. 1.
The company sold 11,481,482 units at C$0.27 apiece. Each unit consists of one common share and one half-share warrant, with each whole warrant exercisable at C$0.40 for one year.
Byron Capital Markets was the agent.
Proceeds will be used to advance the company's current lithium initiative, to finance expected expenditures on its properties and for general working capital.
Based in Vancouver, B.C., New World Resource is a mineral exploration company focused on building a diversified project portfolio within the Americas.
| Issuer: | New World Resource Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3.1 million
|
| Units: | 11,481,482
|
| Price: | C$0.27
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.40
|
| Agent: | Byron Capital Markets
|
| Pricing date: | Sept. 1
|
| Settlement date: | Sept. 28
|
| Stock symbol: | TSX Venture: NW
|
| Stock price: | C$0.28 at close Aug. 31
|
| Market capitalization: | C$8.73 million
|
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