By Sheri Kasprzak
New York, March 6 - New World Resource Corp. said it plans to raise up to C$1.6 million in a private placement.
The offering includes up to 2 million units at C$0.80 each.
The units consist of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$1.00 each for 18 months.
The company said in a statement that a single Canadian precious metals-focused fund may purchase all of the units.
Pacific International Securities Inc. is the placement agent.
Proceeds will be used for the first phase of exploration on the company's Lipena gold and copper project in Bolivia. The remainder of the proceeds will be used for working capital.
Based in Vancouver, B.C., New World is a mineral exploration company.
| Issuer: | New World Resource Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1.6 million (maximum)
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| Units: | 2 million (maximum)
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| Price: | C$0.80
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$1.00
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| Placement agent: | Pacific International Securities Inc.
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| Pricing date: | March 6
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| Stock symbol: | TSX Venture: NW
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| Stock price: | C$0.88 at close March 3
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