The funds were raised by the issue of 106,250,000 new ordinary shares at a price of 8 pence per share.
The company has further revealed that discussions with potential farm-in partners are ongoing.
The talks are intended to participate in New World’s assets that include the 420km2 Blue Creek Project in the Petén Basin, Belize and the Danica Jutland and Danica Resources Projects, covering 10,507km2 in the South Permian Basin in Denmark.
The company has also received expressions of interest from other US institutional and potential strategic investors.
New World noted that it expects to put in place a balanced funding package that is mindful of dilution including debt, farm-in, and equity, and the amount of equity being raised has been limited to $13.4m.
New World CEO William Kelleher said following the placing, the company will be in a much stronger position to continue its negotiations with potential farm-in partners and other investors, meet current commitments in Belize and Denmark, and take advantage of any suitable opportunities that meet the investment criteria.
