Newfield Resources Ltd (ASX:NWF) has raised approximately $1 million from the issue of 2,857,143 fully paid ordinary shares at an issue price of $0.35 per share.
The placement is part of the rights offer and underwritten capital raising program announced on September 13, 2021, and December 24, 2021. The total amount now raised under the program is approximately $34.46 million.
This placement was made to sophisticated investors and the issue price per share represents a 19.34% discount of the 15-day VWAP.
Use of funds
Money raised will be used to fund the following:
- continued development of the Tongo Diamond Project in Sierra Leone into production;
- additional working capital; and
- placement costs.
Just a few week ago, the company unlocked a $55 million equity funding facility with SBC Global Investment Fund, part of L1 Capital Global Opportunities Master Fund.
Read more: Newfield Resources secures access to $55 million funding facility
About Newfield
Newfield Resources is focused on its diamond mine under construction in Sierra Leone and highly prospective exploration licences in Liberia.
The company’s flagship asset is the highly endowed Tongo Diamond Mine in eastern Sierra Leone.
The Tongo Mine entered production earlier this year with carats mined from underground and surface locations contributing to the first production sale of more than 5,000 carats in Antwerp in May 2022, at a sales price of US$262 per carat.