Independence storms New Century raising, nabs 18.4pc in re-cut deal
AFR - There's a new substantial shareholder about to appear on zinc miner New Century Resources' share register.
As foreshadowed by Street Talk on Sunday, Independence Group has deployed part of its $396 million war chest and snapped up a significant stake in the zinc hopeful, as part of New Century's $51.1 million capital raising launched on Tuesday.
According to terms sent to funds, New Century was undertaking a strategic placement to Independence to raise $23.8 million in exchange for 158.5 million new shares.
In addition, the $96 million New Century also kicked off a two-for-seven accelerated non-renounceable entitlement offer to raise $27.3 million.