Miner NWR sells 75 pct of new shares in rights issue
Czech hard coal miner New World Resources (NWR) said on Tuesday investors took up 3.78 billion new shares in a rights issue that is part of the company's debt and equity restructuring plans.
The take-up represents 75.12 percent of new shares, NWR said. A rump placing will start immediately for the remaining shares.
NWR is raising 118 million euros in a rights issue underwritten by certain noteholders along with a 32-million-euro placing of equity to participating noteholders after shareholders and creditors approved in August a rescue plan to help NWR pull out of deep losses and escape insolvency