https://www.miningweekly.com
Africa|Resources
Africa|Resources
africa|resources

Newfield announces entitlement offer to raise funds for Sierra Leone mine

27th October 2023

By: Darren Parker

Creamer Media Contributing Editor Online

     

Font size: - +

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.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Projects

IMAGE OF GOLD BARS
Berg gold project, Canada
Updated 6 hours ago By: Sheila Barradas

Latest News

Magazine round up | 10 May 2024
Magazine round up | 17 May 2024
Updated 3 hours ago

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
14th May 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.135 0.17s - 91pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: