Miner NWR sells 75 pct of new shares in rights issue

September 30
3:13 AM 2014

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

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