NWF to raise A$3m through share placement

JOHANNESBURG (miningweekly.com) – ASX-listed Newfield Resources (NWF), which plans to acquire the entire issued and to-be-issued share capital of Africa-focused Stellar Diamonds for £7.74-million, will raise A$3-million through the issue of 15-million new shares.

The shares will be sold at A$0.20 a share.

NWF also announced the closing of the proposed rights issue – raising $30-million through the placement of 200-million shares at $0.15 apiece – to advance Stellar’s Tongo-Tonguma project, in Sierra Leone, into production.

“Accordingly, the Stellar directors continue to unanimously recommend that Stellar shareholders vote in favour of the scheme,” Stellar said in a statement on Thursday.