New World Resources (NWC AU): CAML Bumps. Shares To Be Placed. Kinterra Taps Takeover Panel

• Central Asia Metals (CAML LN) has bumped terms for New World Resources (NWC AU) to A$0.053/share, up from A$0.05/share initially. An off-market Offer is in parallel should the Scheme fail.

• Separately, NWC announced a A$10mn placement - funded by CAML! - to advance its Antler Project, "conditional on either no competing proposal being received by .... 4 July 2025".

• Toronto-Based PE outfit Kinterra Capital, with a 11.99% stake, has now tapped the Takeovers Panel to declare the placement a frustrating tactic.

NWC is illiquid. Look away now of this is not your bag

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The Trade:

• Now trading through CAML's revised terms at A$0.06/share (as I type).

• You'd think, given Kinterra closed a second fund of $US1bn earlier this year, they can pay >A$0.053/share. But they're on the backfoot, regarding timing, to table a Scheme.

• If illiquid arbs are your bent, get in around closer to terms, where possible.

• I wouldn't chase it beyond A$0.06/share.

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The NEW News

• CAML has bumped terms, via a Scheme to A$0.053/share. No dividends will occur.

  • Conditions? Standard Scheme vote (75%). Also receipt of specified US and North Macedonian regulatory approvals. No FIRB. And of course, no MACs.

  • An off-market takeover Offer is in parallel with the Scheme, also at A$0.053 per share, and subject to a 50.1% minimum acceptance condition - should the Scheme fail.

• CAML has also committed to provide A$10mn (188.7mn shares) in funding via a placement of new shares in NWC at A$0.053 per share (representing ~5% of NWC), conditional on "either no Competing Proposal being received by New World in the next 14 days (by 5.00pm Sydney time on 4 July 2025), or if a competing proposal is received within that time, the Directors of New World have not determined that it is or may reasonably be expected to become a Superior Proposal."

  • This placement funding enables NWC to "meet bonding requirements in relation to the Arizona State Permits, driven by a faster-than-expected permitting timeline".

  • Absent an Offer, the completion of the placement is expected to occur on 9th July 205.

• Here is the bump announcement. Here is the placement announcement.

• CAML's Offer is unanimously backed by NWC's board. More background on CAM can be found here.