Zinc miner New Century launches $20m raising
Afr - New Century Zinc is asking investors for $20 million to help ramp up its zinc mine in north-west Queensland.
Stockbroker Canaccord Genuity blasted terms to fund managers on Wednesday morning, opening the books on a two-tranche placement at a steep discount to the last close.
New Century Zinc was offering 200 million shares at 10¢ each to raise $20 million, with the ability to take oversubscriptions worth another $5 million.
The deal was at a 33.3 per cent discount to the last close and a 20.4 per cent discount to the five day VWAP, according to terms sent to potential investors.