Shareholders signal belief in New Century

NEW Century Resources has had over A$32 million in applications for an underwritten $14.4 million pro-rata, non-renounceable entitlement offer.
Shareholders signal belief in New Century Shareholders signal belief in New Century Shareholders signal belief in New Century Shareholders signal belief in New Century Shareholders signal belief in New Century

Century zinc operation, Qld

The zinc producer said it had decided not to take up any of the oversubscriptions.

The take-up rate of entitlements was about 85%.

The entitlement offer and a US$15 million placement in late October were priced at A15.5c per share.

A rising zinc price and falling treatment charges have help boost interest in New Century's stock in recent times.

The fundraisings were undertaken to reduce debt of US$48.4 million at the end of October. 

The original debt for New Century's development of a zinc tailings reprocessing operation at the Century operation in Queensland was $71 million.

Shares in New Century were at A22c in morning trade, capitalising the company at $265 million.