New Century Resources Ltd. raised about A$42.5 million via a fully underwritten institutional placement.
The company will now focus on completing the ramp up process to double plant capacity at its Century zinc-lead-silver mine in Queensland, Australia, to 12 million tonnes per annum.
New Century will issue 128.8 million shares in two tranches at 33 Australian cents apiece, according to an Aug. 2 release.
Meanwhile, the company plans to offer a share purchase plan at the same price to raise up to A$5.0 million.
New Century Resources recently outlined two new development scenarios in an expansion study for the Century mine, which support a potential mine life extension of up to seven years to mid-2026.