PERTH:New World Resources Limited (ASX: NWC) announced Friday it has entered into a revised acquisition proposal with Central Asia Metals Plc (LON: CAML), including an increased cash offer and conditional funding.
The updated terms value New World at approximately 197 million Australian dollars ($130 million), with CAML raising its offer to A$0.053 per share — a 107.5% premium to New World’s 30-day average share price as of May 20. The deal includes an alternative off-market takeover bid at the same price, contingent on a minimum 50.1% shareholder acceptance.
CAML has also committed to provide A$10 million in immediate funding through a share placement, pending no competing offers emerge by July 4. The funds will help New World meet bonding requirements for its Antler Copper Project in Arizona, where permitting has progressed faster than expected.
New World’s board unanimously recommended shareholders approve the scheme, citing the “significant premium” and interim funding as key benefits. If the scheme fails, the parallel takeover offer will proceed.
The transaction requires regulatory approvals in the U.S. and North Macedonia, as well as shareholder and court approval. A shareholder vote is expected in mid-September.
New World shares closed at A$0.052 ahead of the announcement. The company’s key assets include copper projects in Arizona and New Mexico.