Newfield Resources Limited Raises AU$16.98M via Loan Conversion and Placement of Equity

Newfield Resources Limited (ASX: NWF) announced a significant show of support from its major shareholders, resulting in a combined equity issuance of AU$16.98 million. This comprehensive initiative encompasses two key elements: firstly, the conversion of an existing AU$13.86 million loan from Wonder Holdings Pty Ltd (Wonder Holdings) into equity, priced at AU$0.15 per share; secondly, a strategic share placement of US$2 million (equivalent to approximately AU$3.11 million) to a substantial shareholder, also at the price of AU$0.15 per share.

The loan conversion is a milestone discussed in the ASX announcement dated 14 March 2023, concerning the AU$15 million unsecured loan extended by Wonder Holdings. The parties have mutually agreed to an early repayment of AU$13.86 million, comprised of AU$13.56 million in principal and AU$301,000 in outstanding interest, through the conversion into fully paid ordinary shares within the Company. It's worth noting that the Company still retains the option to utilize the remaining undrawn balance of the loan, which amounts to AU$1.44 million, and intends to do so in the current quarter.

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