Newfield Resources' $3m placement announcement

Newfield Resources Limited (ASX: $NWF) has secured a firm commitment for a private placement of $3 million from a sophisticated investor to fund working capital. The placement issue price is $0.15 per share, with two equal tranches to be conducted to raise the funds. Tranche A is expected to settle in April, and Tranche B settlement will take place in May. The funds raised will primarily be applied to the development of the Company's Tongo Diamond Mine, augment general working capital, and cover operating and administration overheads.

Executive Commentary on the Placement

On behalf of the Board, I sincerely thank the incoming investor for their support through the placement. The Board continues to focus on the broader funding strategy required to support the Company's operations in Sierra Leone and have progressed discussions with several parties in relation to debt and equity funding avenues, as well as capital market strategies. We are also exploring forward sales opportunities for the Tongo Diamond Mine and remain engaged with participants in the diamond industry's supply chain.

Summary of Newfield Resources' $3m placement announcement

Newfield Resources Limited (ASX: $NWF) has successfully secured a firm commitment for a private placement of $3 million to fund working capital. The placement issue price is $0.15 per share, and it will be conducted in two equal tranches. The funds raised will primarily be applied to the development of the Company's Tongo Diamond Mine, augment general working capital, and cover operating and administration overheads. The Company's broader funding strategy includes discussions with several parties for debt and equity funding avenues, capital market strategies, and exploring forward sales opportunities for the Tongo Diamond Mine.