CAPITAL MARKETS

Shareholders signal belief in New Century

Big take-up rate and over subscription applications

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The zinc producer said it had decided not to take up any of the oversubscriptions.

The take-up rate of entitlements was about 85%.

The entitlement offer and a US$15 million placement in late October were priced at A15.5c per share.

A rising zinc price and falling treatment charges have help boost interest in New Century's stock in recent times.

The fundraisings were undertaken to reduce debt of US$48.4 million at the end of October. 

The original debt for New Century's development of a zinc tailings reprocessing operation at the Century operation in Queensland was $71 million.

Shares in New Century were at A22c in morning trade, capitalising the company at $265 million.

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