New World Private Placement Closed
New World Resource Corp. (TSX VENTURE:NW) (FRANKFURT:NWU) has reported the closing of the third and final tranche of its previously announced non-brokered private placement by issuing 331,140 units at a price of $0.40 for gross proceeds of $132,456.
The Company issued 2,320,000 Units on March 4, 2011 and 4,082,000 Units on March 11, 2011, which together with the final tranche raised total gross proceeds of $2,693,256.
Each Unit consists of one common share of the Company and one-half of one share purchase warrant. Each whole warrant (a “Warrant”) entitles the holder to purchase one additional common share of the Company at an exercise price of $0.60 until March 17, 2012. There was no finders’ fee paid in connection with the final tranche of the private placement. The Units, in the final tranche, are subject to a 4-month hold period expiring July 18, 2011.
The proceeds of the private placement will be used to fund a drill program to increase the current 43-101 compliant resource on the Company’s Lipena copper-gold project, for further resource definition on the Company’s Pastos Grandes lithium-potash brine project and for general working capital.
New World Resource Corp. is a Canadian based mining exploration company focused on building a strong, diversified project portfolio within the Americas. The Company’s projects include the Lipena copper gold project and the Pastos Grandes lithium brine project in Bolivia, and the recently joint-ventured Long Valley gold project in Nevada.
Posted March 18, 2011
