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AFR....
Small cap resources trio launch raisings

ASX-listed resources outfits New World Resources, Black Cat Syndicate and Octanex Ltd landed in front of small cap fund managers on Monday morning, on the hunt for cash injections.

First cab off the rank was copper explorer and developer New World, which had Canaccord Genuity in its corner for a $15 million raising.

The two-tranche placement was priced at 10¢ a share, which represented a 9.1 per cent discount to New World’s last close and a 4.7 per cent discount to the 10-day VWAP, according to terms in front of fund managers.

The fresh capital was pegged for resource drilling, resource estimation, feasibility studies and the like. New World is focused on developing its Antler copper project in Arizona, which was previously operational between 1916 and 1970.

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